If you are 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 may help offset any expenses directly related to the business or help reduce 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 all over the world including the European Union. It assists in avoiding double taxation on products and if you are www.checkvatnumber.com a vat registered trader within the EU with an official vat number then you can surely claim back 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 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 then you 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 correct vat refund procedures to be followed while trying to get a vat refund. There are numerous factors that may qualify you for a vat reclaim. If you have imported services or goods from another EU country where vat has already been paid you’ll be able to 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 that 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 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 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’ll also need to be conversant with vat rules in the nation or countries where the actual vat amounts have originally been paid.
There’s also a time limit of nine months following end of any twelve months within which you will have to file for a vat claim in UK even though time period will vary in other Countries in Europe. You will also have to be careful while completing your vat claim as 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 lower your vat burden provided you meet all the required criteria applicable in your own country as well as the country in which 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.