If you’re a vat registered dealer or manufacturer in the UK or other EU country then you definately must ensure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses directly related to your business or lessen costs on products imported from another country in which you have already paid VAT.
VAT or value added tax is really a system of collecting taxes which has been implemented in many countries all over the world including the European Union. It helps to avoid double taxation on products and if you are a vat registered trader within the EU having a official vat number you’ll be able to surely www.checkvatnumber.com reclaim any VAT which has already been paid while importing goods imported to your own country. However, you have to fulfill all conditions and terms imposed by the customs and excise customs vat department in your own country before you reclaim vat successfully from the country of origin.
If you’re not conversant with vat rules imposed throughout your home country then you should hire a vat consultant or tax consultant that is amply trained with all the latest amendments in vat tax, vat rates, and in addition knows the appropriate vat refund procedures that must be followed while trying to get a vat refund. There are numerous factors that can qualify you for a vat reclaim. If you have imported services or goods from another EU country where vat has already been paid then you can reclaim that vat amount provided you don’t own a house or business in the country, are not vat registered in that country, and do not supply to this country. However, it is advisable to fully comprehend each rule in great detail before claiming vat back as there are other sub-sections in each rule that should be fulfilled too.
You’ll be able to reclaim vat on import vat if there has been vat paid in another country by using vat online services to sign up yourself first. If you are in the UK then once you register with hmrc vat online services you will then be able to post your request for your vat reclaim either directly or through your vat agent. You need to send all related documents as proof for claiming vat back and you’ll also need to be conversant with vat rules in the country or countries in which the actual vat amounts have originally been paid.
There’s also a time frame of nine months after the end of any twelve months within that you will have to apply for a vat claim in UK even though time limit will change in other Countries in Europe. You’ll have to be careful while completing your vat claim since most EU countries do a lot more than frown on incorrect or fraudulent claims. You could be penalized for any wrong claim or may also be denied any refunds.
A vat claim can help lower your vat burden provided you meet all the required criteria applicable throughout your home country as well as the country in which you may have originally paid the vat amount. However, it is important to study each vat rule in great detail and understand its implications before claiming vat back directly or through your agent.