Ensure that you fulfill all conditions while claiming vat back

If you are a vat registered dealer or manufacturer in the UK or any other EU country then you definately must ensure to fulfill all conditions while claiming vat back. Your claim will help offset any expenses directly related to your business or lessen costs on products imported from another country in which you have previously paid VAT vat number.

VAT or value added tax is really a system of collecting taxes that has been implemented in several 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 having a 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 throughout your home country before you reclaim vat successfully from the country of origin.

If you’re not conversant with vat rules imposed in your own country you then should hire a vat consultant or tax consultant that’s well versed with all the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures to be followed while trying to get a vat refund. There are several factors that can qualify you to get a vat reclaim. In case you have imported services or goods from another EU country where vat has been paid then you can reclaim that vat amount provided you do not own a house 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 can reclaim vat on import vat if there’s been vat paid in another country by using 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 through 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 nation or countries where the actual vat amounts have originally been paid.

There’s also a time limit of nine months after the end of any twelve months within that you would need to apply for a vat claim in UK although the time period will change in other Countries in Europe. You will also need 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 might also be denied any refunds vat verification.

A vat claim can help lower your vat burden provided you meet all the criteria applicable in your own country and also 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.