If you’re a vat registered dealer or manufacturer in the United Kingdom or other EU country then you must ensure to fulfill all conditions while claiming vat back. Your claim may help offset any expenses directly related 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 that has been implemented in several countries all over the world including the European Union. It helps in avoiding double taxation on products and if you are a vat registered trader within the EU having a official vat number then you can surely checkvatnumber reclaim any VAT that has recently been paid while importing goods imported into your own country. However, you have to fulfill all terms and conditions imposed by the customs and excise customs vat department in your own country before you reclaim vat successfully from the country of origin.
If you are not conversant with vat rules imposed in your own country you then should hire a vat consultant or tax consultant that is well versed 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 for a vat reclaim. In case you have imported services or goods from another EU country where vat has been paid you’ll be able to reclaim that vat amount provided you don’t own a home or business in that country, aren’t vat registered in that 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 should be fulfilled too.
You’ll be able to reclaim vat on import vat if there’s been vat paid in another country by utilizing vat online services to register yourself first. If you’re in the UK then once you register with hmrc vat online services you will then be able to post your request for your vat reclaim either directly or using your vat agent. You will need to send all related documents as proof for claiming vat back and you’ll also have to be conversant with vat rules in the nation or countries where the vat amounts have originally been paid.
There is also a time limit of nine months after the end of any twelve months within that you will have to apply for a vat claim in UK even though time period will change in other Countries in Europe. You’ll 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 could 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 criteria applicable throughout your home country as well as the country where you may 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.