If you are a vat registered dealer or manufacturer in the UK or other EU country then you definately must ensure to satisfy all conditions while claiming vat back www.checkvatnumber.com. Your claim will help offset any expenses proportional to your business or lessen costs on products imported from another country where you have previously paid VAT.
VAT or value added tax is really a system of collecting taxes that has been implemented in several countries all over the world including the European Union. It helps 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 have to fulfill all terms and conditions 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 are not conversant with vat rules imposed in your own country you then 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 appropriate vat refund procedures that must be followed while trying to get a vat refund. There are numerous factors that can qualify you to get 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 do not own a home or business in that country, aren’t vat registered in the country, and don’t 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 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 register yourself first. If you are in the United Kingdom 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 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 limit of nine months after the end of the calendar year within which you will have to apply for a vat claim in UK even though time limit will change in other Countries in Europe full article. You’ll 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 may be penalized for a wrong claim or might also be denied any refunds.
A vat claim can help reduce your vat burden provided you meet all the criteria applicable throughout your home country and also the country where 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.
