If you’re a vat registered dealer or manufacturer in the United Kingdom or other EU country then you definately should make sure to fulfill 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 vat check where you have already paid VAT.
VAT or value added tax is really a system of collecting taxes that has been implemented in several 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 having a official vat number you’ll be able to surely reclaim any VAT that has recently been paid while importing goods imported to your own country. However, you have 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 are 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 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 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 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’ll be able to reclaim vat on import vat if there has been vat paid in another country by utilizing vat online services to register yourself first. If you are in the United Kingdom then when you register with hmrc vat online services then you will be in a position to post your request for your vat reclaim either directly or through your vat agent. You will need to send all related documents as proof for claiming vat back and you will also need to be conversant with vat rules in the nation or countries in which the vat amounts have originally been paid.
There is also a time frame of nine months after the end of any calendar year within that you will have to file for a vat claim in UK although the time limit will change in other European countries. You will also need to be careful while filling out your vat claim as most EU countries do much more than frown on incorrect or fraudulent claims. You may be penalized for a 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 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.
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