If you’re a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you should make sure to fulfill all conditions while claiming vat back. Your claim will help offset any expenses directly related to the business or help reduce costs on products imported from another country where you have previously paid VAT search 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 assists in avoiding double taxation on products and if you’re a vat registered trader in the EU having a official vat number then you can surely claim back any VAT that has recently 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 in your own country before you can reclaim vat successfully from the country of origin.
If you’re 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 also 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. 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 home or business in the country, aren’t vat registered in that country, and do not supply to this 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 register 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 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 after the end of the twelve months within that you would need to file for a vat claim in UK although the time period will vary in other European countries. You’ll need to be careful while filling out your vat claim since 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 vies.
A vat claim can help reduce your vat burden provided you meet all the criteria applicable throughout your home country and also 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.