If you are a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you should make sure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses proportional to your business or lessen 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 to avoid double taxation on products and if you are a vat registered trader within the EU having a official vat number you’ll be able to surely checkvatnumber claim back any VAT that has recently been paid while importing goods imported to 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 from 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 is 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 may qualify you for a vat reclaim. If you have imported goods or services from another EU country where vat has been paid then you can reclaim that vat amount provided you don’t own a house or business in the country, are not 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 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 overseas by utilizing vat online services to sign up yourself first. If you are 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 using 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 country or countries in which the actual vat amounts have originally been paid.
There is also a time limit of nine months following end of the twelve months within which you would need to apply for a vat claim in UK although the time limit will vary in other Countries in Europe. You will also have to be careful while filling out 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 may also be denied any refunds.
A vat claim will help lower your vat burden provided you meet all the required criteria applicable in your own 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.