If you’re 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 directly related 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 really a system of collecting taxes which has been implemented in many countries around the world including the EU. It helps to avoid double taxation on products and if you are a vat registered trader within the EU having a official vat number then you can vat check surely claim back any VAT that has recently 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 in your own country before you reclaim vat successfully in 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’s well versed with the latest amendments in vat tax, vat rates, and also 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 for a vat reclaim. In case you have imported goods or services from another EU country where vat has already been paid then you can reclaim that vat amount provided you do not own a house or business in that country, aren’t vat registered in the country, and don’t supply to this country. However, you need to fully comprehend each rule in great detail before claiming vat back as 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 United Kingdom 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 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 where the vat amounts have originally been paid.
There is also a time limit of nine months after the end of any calendar year within that you will have to apply for a vat claim in UK although the time period will vary 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 may be penalized for a 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 throughout your home country as well as the country where 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.