If you are a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you definately should make sure to fulfill all conditions while claiming vat back. Your claim may help offset any expenses proportional to the business or help reduce costs on products imported from another country where you have previously paid VAT.
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 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 surely reclaim any VAT which has recently been www.checkvatnumber.com 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 in your own country before you reclaim vat successfully from the country of origin.
If you are not conversant with vat rules imposed in your own country then you should hire a vat consultant or tax consultant that’s well versed with all the latest amendments in vat tax, vat rates, and in addition 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. 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 do not own a home or business in the country, are not vat registered in that country, and do not supply to this country. However, it is advisable 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 overseas by using vat online services to sign up yourself first. If you’re in the United Kingdom then when you register with hmrc vat online services then you will be able 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 will also need to be conversant with vat rules in the country or countries in which the vat amounts have originally been paid.
There’s also a time frame of nine months following end of the calendar year within that you would need to apply for a vat claim in UK although the time limit will vary in other European countries. You will also have to be careful while filling out your vat claim as 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 lower your vat burden provided you meet all the required criteria applicable in your own country and also the country where 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.