If you’re a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you must ensure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses proportional to the business or lessen costs on products imported from another country where you have already paid VAT.
VAT or value added tax is a system of collecting taxes which has been implemented in several countries around the world including the European Union. It assists to avoid double taxation on products and if you’re checkvatnumber.com a vat registered trader within the EU having a official vat number you’ll be able to 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 reclaim vat successfully in the country of origin.
If you are not conversant with vat rules imposed throughout your home country then you should hire a vat consultant or tax consultant that is well versed with all 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 numerous factors that may qualify you for a vat reclaim. If 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 house or business in that country, aren’t vat registered in that country, and don’t 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 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 register 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 obtain your vat reclaim either directly or through 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 in which the actual vat amounts have originally been paid.
There’s also a time frame of nine months following end of the twelve months within which 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 completing your vat claim since most EU countries do a lot more than frown on incorrect or fraudulent claims. You may be penalized for any 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 as well as 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.