If you’re a vat registered dealer or manufacturer in the UK or other EU country then you should make sure to fulfill all conditions while claiming vat back https://vatcontrol.com. Your claim may help offset any expenses proportional to your business or help reduce costs on products imported from another country in which you have previously paid VAT.
VAT or value added tax is a system of collecting taxes that has been implemented in many countries around the world including the EU. It assists to avoid double taxation on products and if you are a vat registered trader in the EU with an official vat number you’ll be able to surely reclaim any VAT which 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 are not conversant with vat rules imposed in your own 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 correct vat refund procedures to be followed while applying for a vat refund. There are several factors that may 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 the country, and don’t 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 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 using vat online services to sign up yourself first. If you’re in the UK then when 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 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 actual vat amounts have originally been paid.
There’s also a time frame of nine months following end of any calendar year within that you would need to apply for a vat claim in UK even though time limit will change in other European countries. You’ll have to be careful while completing your vat claim since most EU countries do a lot more than frown on incorrect or fraudulent claims. You could 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 required criteria applicable in your own country and also 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.