Make sure to fulfill all conditions while claiming vat back
If you’re a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you definately must ensure to fulfill 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 where you have already paid VAT vat check.
VAT or value added tax is a system of collecting taxes that has been implemented in several countries around the world including the European Union. 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 recently been 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 in your own country before you can reclaim vat successfully from 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 well versed with all 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 several factors that may qualify you to get a vat reclaim. In case you have imported goods or services from another EU country where vat has been paid then you can reclaim that vat amount provided you don’t own a house or business in the 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 as 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 overseas by using vat online services to register yourself first. If you are in the United Kingdom then once you register with hmrc vat online services you will then be in a position to post your obtain your vat reclaim either directly or using your vat agent. You will 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 where the vat amounts have originally been paid.
There is also a time frame of nine months after the end of the calendar year within that you would need to apply for a vat claim in UK although the time limit will change in other Countries in Europe. You will also have to be careful while filling out 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 might also be denied any refunds vat number.
A vat claim will help reduce your vat burden provided you meet all the criteria applicable in your own country as well as the country in which you may 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.