If you’re a vat registered dealer or manufacturer in the UK or other EU country then you definately must ensure to fulfill all conditions while claiming vat back Vatcontrol.com. Your claim will help offset any expenses proportional to the business or help reduce costs on products imported from another country in which you have already paid VAT.
VAT or value added tax is a system of collecting taxes which has been implemented in many countries all over the world including the EU. It helps to avoid double taxation on products and if you are a vat registered trader in the EU with an official vat number then you can surely reclaim 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 reclaim vat successfully in the country of origin.
If you’re not conversant with vat rules imposed in your own 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 also knows the appropriate 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 then you can reclaim that vat amount provided you don’t own a house or business in that 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 should be fulfilled too.
You can reclaim vat on import vat if there’s been vat paid overseas by using vat online services to register yourself first. If you’re in the UK 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’ll also have to be conversant with vat rules in the nation 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 will have to apply for a vat claim in UK although the time limit will change in other Countries in Europe. You will also need 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 can help lower your vat burden provided you meet all the required criteria applicable throughout your home country and also the country in which 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 directly or through your agent.