If you’re a vat registered dealer or manufacturer in the UK or other EU country then you definately should make sure to fulfill all conditions while claiming vat back https://vatcontrol.com. Your claim will help offset any expenses proportional to the business or help reduce costs on products imported from another country where you have already paid VAT.
VAT or value added tax is a system of collecting taxes that has been implemented in many countries around the world including the European Union. It helps 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 which has recently been paid while importing goods imported to your own country. However, you have to fulfill all conditions and terms imposed by the customs and excise customs vat department in your own country before you reclaim vat successfully from the country of origin.
If you’re not conversant with vat rules imposed throughout your home country you then should hire a vat consultant or tax consultant that is amply trained with all the latest amendments in vat tax, vat rates, and in addition knows the appropriate vat refund procedures that must be followed while applying for a vat refund. There are numerous 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 you’ll be able to reclaim that vat amount provided you don’t own a house or business in the country, are not vat registered in that country, and do not supply to that country. However, you need 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 can 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 UK 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 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 is also a time limit of nine months after the end of any twelve months within that you will have to apply 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 as most EU countries do much more than frown on incorrect or fraudulent claims. You may be penalized for any wrong claim or might also be denied any refunds.
A vat claim can help reduce 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 very important study each vat rule in great detail and understand its implications before claiming vat back directly or through your agent.