If you’re a vat registered dealer or manufacturer in the UK or other EU country then you must ensure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses proportional to the 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 which has been implemented in many countries around the world including the EU. It assists in avoiding double taxation on products and if you’re a vat registered trader in the EU with an official vat number then you can surely www.checkvatnumber.com claim back any VAT which has already been paid while importing goods imported into your own country. However, you need to fulfill all conditions and terms imposed by the customs and excise customs vat department throughout your home country before you can reclaim vat successfully in 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 amply trained with all the latest amendments in vat tax, vat rates, and in addition knows the appropriate vat refund procedures to be followed while applying for a vat refund. There are several factors that may 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 do not own a house or business in the country, aren’t vat registered in that country, and don’t supply to this 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 can 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 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’s 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 even though time period will change in other European countries. You’ll need 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 any wrong claim or may also be denied any refunds.
A vat claim will help reduce your vat burden provided you meet all the required criteria applicable in your own country and also the country where 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.