If you’re a vat registered dealer or manufacturer in the United Kingdom or other EU country then you must ensure to fulfill 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 where you have previously paid VAT.
VAT or value added tax is a system of collecting taxes that 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’re a vat registered trader in the EU with an official vat number you’ll be able to www.vatcheck.com/vat surely reclaim any VAT that has already been paid while importing goods imported into your own country. However, you need to fulfill all terms and conditions imposed by the customs and excise customs vat department throughout your home country before you can reclaim vat successfully in 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’s amply trained with all the latest amendments in vat tax, vat rates, and also knows the correct vat refund procedures that must be followed while applying for a vat refund. There are several factors that may 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 then you can reclaim that vat amount provided you don’t own a home or business in that country, aren’t vat registered in the country, and don’t supply to this country. However, you need 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 utilizing vat online services to register yourself first. If you are in the United Kingdom then once you register with hmrc vat online services then you will 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 need to be conversant with vat rules in the nation or countries where the actual vat amounts have originally been paid.
There is also a time limit of nine months following end of any calendar year within which you would need to file for a vat claim in UK even though time period will change in other Countries in Europe. You will also have to be careful while filling out your vat claim as most EU countries do much more than frown on incorrect or fraudulent claims. You could be penalized for a wrong claim or may also be denied any refunds.
A vat claim will help reduce your vat burden provided you meet all the required criteria applicable in your own country as well as the country in which you might 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.