If you are a vat registered dealer or manufacturer in the UK or any other EU country then you must ensure to fulfill all conditions while claiming vat back vatcontrol.com. Your claim may help offset any expenses directly related to your business or help reduce costs on products imported from another country in which you have already paid VAT.
VAT or value added tax is really a system of collecting taxes that has been implemented in many countries all over the world including the EU. It assists in avoiding double taxation on products and if you’re a vat registered trader within the EU with an official vat number then you can surely reclaim any VAT that has already been paid while importing goods imported to your own country. However, you have to fulfill all terms and conditions imposed by the customs and excise customs vat department in your own country before you can reclaim vat successfully in the country of origin.
If you are not conversant with vat rules imposed throughout your home country you then 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 correct vat refund procedures that must be followed while trying to get a vat refund. There are numerous factors that can qualify you for a vat reclaim. In case 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 do not own a home or business in that country, aren’t vat registered in that country, and don’t supply to that country. However, you need 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 overseas by using vat online services to sign up yourself first. If you’re in the UK then once 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 will need to send all related documents as proof for claiming vat back and you’ll also need to be conversant with vat rules in the country or countries where the actual vat amounts have originally been paid.
There’s also a time frame of nine months following end of any calendar year within which you will have to file for a vat claim in UK even though time limit will vary in other Countries in Europe. You’ll need to be careful while filling out your vat claim since most EU countries do much more than frown on incorrect or fraudulent claims. You may be penalized for any wrong claim or may 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.