If you’re a vat registered dealer or manufacturer in the UK or other EU country then you must ensure to fulfill 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 which has been implemented in several countries around the world including the EU. It assists in avoiding double taxation on products and if you’re a vat registered trader in the EU with an official vat number you’ll be able to surely claim back any VAT which has already been paid while importing goods imported into your own country. However, you need to fulfill all terms and conditions 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 throughout your home country then you should hire a vat consultant or tax consultant that’s amply trained with the latest amendments in vat tax, vat rates, and also knows the appropriate vat refund procedures that must be followed while applying for 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 been paid you’ll be able to reclaim that vat amount provided you do not own a house or business in the country, aren’t vat registered in the country, and don’t supply to that 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’ll be able to reclaim vat on import vat if there’s been vat paid overseas by utilizing vat online services to sign up yourself first. If you’re in the UK then when you register with hmrc vat online services you will then 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 have to be conversant with vat rules in the country or countries in which 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 would need to file for a vat claim in UK although the time limit will change in other European countries my blog. You’ll have to be careful while filling out your vat claim since most EU countries do much more than frown on incorrect or fraudulent claims. You could be penalized for a wrong claim or might also be denied any refunds.
A vat claim will help reduce your vat burden provided you meet all the criteria applicable throughout your home country as well as the country where 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.
