If you’re a vat registered dealer or manufacturer in the United Kingdom or other EU country then you definately
must ensure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses directly related to your business or lessen 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 which has been implemented in many 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 then you can surely claim back any VAT that has recently 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 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 correct vat refund procedures to be followed while trying to get a vat refund. There are several 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 home or business in the country, aren’t vat registered in the 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 in another country by using vat online services to register yourself first. If you are in the United Kingdom then when you register with hmrc vat online services you will then be in a position 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’ll also need to be conversant with vat rules in the country or countries where the vat amounts have originally been paid.
There’s also a time frame of nine months after the end of any calendar year within which you would need to file for a vat claim in UK although the time period 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 could be penalized for any wrong claim or may also be denied any refunds.
A vat claim will help lower your vat burden provided you meet all the 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