If you’re a vat registered dealer or manufacturer in the UK or any other EU country then you must ensure to satisfy all conditions while claiming vat back Vatcontrol.com. Your claim will help offset any expenses proportional to your business or lessen costs on products imported from another country where you have previously paid VAT.
VAT or value added tax is a system of collecting taxes which has been implemented in several countries all over the world including the European Union. It assists to avoid double taxation on products and if you are a vat registered trader in the EU with an official vat number you’ll be able to surely claim back any VAT which has already been paid while importing goods imported to your own country. However, you have to fulfill all terms and conditions imposed by the customs and excise customs vat department in your own country before you can reclaim vat successfully from the country of origin.
If you’re not conversant with vat rules imposed in your own country you then should hire a vat consultant or tax consultant that’s well versed with all the latest amendments in vat tax, vat rates, and also knows the appropriate vat refund procedures to be followed while applying for a vat refund. There are several factors that can qualify you to get a vat reclaim. If you have imported goods or services from another EU country where vat has been paid you’ll be able to reclaim that vat amount provided you don’t own a house or business in that country, are not vat registered in that country, and do not supply to that country. However, you need to fully comprehend each rule in great detail before claiming vat back since there are other sub-sections in each rule that need to be fulfilled too.
You’ll be able to reclaim vat on import vat if there has been vat paid in another country by utilizing vat online services to sign up yourself first. If you are in the United Kingdom then once you register with hmrc vat online services you will then be in a position to post your request for your vat reclaim either directly or using your vat agent. You will need to send all related documents as proof for claiming vat back and you’ll also have to be conversant with vat rules in the country or countries in which the actual vat amounts have originally been paid.
There is also a time frame of nine months after the end of any calendar year within that you would need to file for a vat claim in UK although the time period will change in other European countries. You will also 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 may be penalized for any wrong claim or might also be denied any refunds.
A vat claim can help reduce your vat burden provided you meet all the required criteria applicable in your own country and also the country where you may have originally paid the vat amount. However, it is very important study each vat rule in great detail and understand its implications before claiming vat back directly or through your agent.