If you are a vat registered dealer or manufacturer in the UK or any other EU country then you definately should make sure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses proportional to your business or lessen costs on products imported from another country where you have already paid VAT.
VAT or value added tax is really a system of collecting taxes which has been implemented in many countries all over the world including the EU. It helps 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 reclaim any VAT that has already been https://checkvatnumber.com paid while importing goods imported to 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 from the country of origin.
If you’re not conversant with vat rules imposed in your own country then you should hire a vat consultant or tax consultant that’s amply trained with all the latest amendments in vat tax, vat rates, and also knows the appropriate vat refund procedures to be followed while trying to get a vat refund. There are numerous 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 don’t own a home or business in the 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 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 register yourself first. If you’re in the UK then once you register with hmrc vat online services then you will be in a position 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’ll also need to be conversant with vat rules in the nation or countries where the actual vat amounts have originally been paid.
There is also a time frame of nine months after the end of any twelve months within that you will have to apply for a vat claim in UK although the time period will vary in other Countries in Europe. You will also need to be careful while filling out your vat claim as 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 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.