If you’re a vat registered dealer or manufacturer in the UK or any other EU country then you definately should make sure to fulfill all conditions while claiming vat back. Your claim may help offset any expenses directly related to your business or help reduce costs on products imported from another country where you have already paid VAT.
VAT or value added tax is a system of collecting taxes that has been implemented in many countries all over the world including the EU. It assists 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 which has recently been checkvatnumber.com paid while importing goods imported into your own country. However, you need to fulfill all conditions and terms imposed by the customs and excise customs vat department in your own country before you can reclaim vat successfully in the country of origin.
If you are not conversant with vat rules imposed throughout your home country you then should hire a vat consultant or tax consultant that’s well versed with the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures that must be followed while applying for a vat refund. There are several factors that can qualify you to get a vat reclaim. In case 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 home or business in the country, are not vat registered in that country, and do not supply to that 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 need to be fulfilled too.
You’ll be able to reclaim vat on import vat if there’s been vat paid in another country by using 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 able to post your obtain 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 will also have to be conversant with vat rules in the country or countries where the vat amounts have originally been paid.
There’s also a time limit of nine months after the end of the twelve months within that you would need to apply for a vat claim in UK although the time limit will vary in other European countries. You’ll have to be careful while filling out your vat claim as most EU countries do a lot more than frown on incorrect or fraudulent claims. You may be penalized for a wrong claim or might also be denied any refunds.
A vat claim can help lower your vat burden provided you meet all the criteria applicable throughout your home country and also the country where 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.