Make sure to fulfill all conditions while claiming vat back
If you’re a vat registered dealer or manufacturer in the United Kingdom or other EU country then you
should make sure 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 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 assists 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 claim back any VAT that has already been paid while importing goods imported into your own country. However, you have to fulfill all terms and conditions 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 are not conversant with vat rules imposed in your own country you then should hire a vat consultant or tax consultant that’s amply trained with all the latest amendments in vat tax, vat rates, and in addition knows the appropriate vat refund procedures that must be followed while trying to get a vat refund. There are several factors that may qualify you for a vat reclaim. In case you have imported goods or services from another EU country where vat has already been paid you’ll be able to reclaim that vat amount provided you do not own a home or business in that country, aren’t vat registered in the 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 should be fulfilled too.
You’ll be able to reclaim vat on import vat if there’s been vat paid in another country by utilizing 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 in a position to post your request for 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 country or countries where the actual vat amounts have originally been paid.
There’s also a time frame of nine months following end of the twelve months within that you would need to file for a vat claim in UK although the time limit will change in other European countries. You’ll need to be careful while filling out your vat claim since most EU countries do much 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 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