Make sure to fulfill all conditions while claiming vat back

If you're a vat registered dealer or manufacturer in the United Kingdom or other EU country then you should make sure to fulfill all conditions while claiming vat back. Your claim will help offset any expenses proportional 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 really a system of collecting taxes which has been implemented in several countries around the world including the EU. It helps in avoiding 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 surely claim back any VAT which has recently been paid while importing goods imported to your own country. However, you have 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 from the country of origin.

If you are not conversant with vat rules imposed in your own country then you should hire a vat consultant or tax consultant that's amply trained with the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures that must 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 services or goods from another EU country where vat has 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 do not supply to that country. However, it is advisable 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 utilizing vat online services to sign up yourself first. If you're in the UK 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 through your vat agent. You 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 in which the vat amounts have originally been paid.

There is also a time frame of nine months following end of any twelve months within that you would need to file for a vat claim in UK although the time period will change in other Countries in Europe. You will also 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 any wrong claim or may also be denied any refunds.

A vat claim can help reduce your vat burden provided you meet all the criteria applicable in your own country as well as the country in which 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.

Tags: vat verification, vat exemption certificate