If you’re a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you should make sure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses directly related to the business or lessen costs on products imported from another country in which you have already paid VAT vat number.
VAT or value added tax is really a system of collecting taxes which has been implemented in several countries all over the world including the European Union. It helps in avoiding double taxation on products and if you’re a vat registered trader within the EU with an official vat number you’ll be able to surely reclaim any VAT that has recently been paid while importing goods imported into your own country. However, you have to fulfill all terms and conditions imposed by the customs and excise customs vat department throughout your home country before you reclaim vat successfully in the country of origin.
If you are not conversant with vat rules imposed in your own country you then should hire a vat consultant or tax consultant that’s amply trained with all the latest amendments in vat tax, vat rates, and in addition knows the appropriate vat refund procedures to be followed while trying to get a vat refund. There are several factors that can qualify you to get a vat reclaim. In case you have imported goods or services from another EU country where vat has already been paid you’ll be able to reclaim that vat amount provided you do not 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 should be fulfilled too.
You can 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’re in the United Kingdom then when 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 need to send all related documents as proof for claiming vat back and you will 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 limit of nine months following end of the calendar year within which you will have to file for a vat claim in UK even though time period will change in other European countries. You will also have to be careful while filling out your vat claim since most EU countries do much more than frown on incorrect or fraudulent claims. You may be penalized for a wrong claim or may also be denied any refunds vat check.
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 might 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.