If you’re a vat registered dealer or manufacturer in the UK 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 previously paid VAT search vat number.
VAT or value added tax is really a system of collecting taxes that has been implemented in many countries around the world including the EU. It assists to avoid double taxation on products and if you’re a vat registered trader within 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 need to fulfill all conditions and terms imposed by the customs and excise customs vat department throughout your home country before you reclaim vat successfully in the country of origin.
If you’re not conversant with vat rules imposed in your own country you then should hire a vat consultant or tax consultant that is amply trained with the latest amendments in vat tax, vat rates, and also knows the correct vat refund procedures to be followed while trying to get a vat refund. There are several factors that can qualify you for a vat reclaim. If 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 don’t own a house or business in that country, are not vat registered in the country, and do not supply to this country. However, it is advisable 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 has been vat paid in another country by using vat online services to register yourself first. If you are in the United Kingdom then when you register with hmrc vat online services you will then be able to post your request for your vat reclaim either directly or using 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 nation or countries where the actual vat amounts have originally been paid.
There is also a time limit of nine months following end of any calendar year within that you will have to file 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 completing 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 might also be denied any refunds vat number.
A vat claim will help lower 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 important to study each vat rule in great detail and understand its implications before claiming vat back directly or through your agent.