Make sure to fulfill all conditions while claiming vat back
If you’re a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you definately
should make sure to fulfill all conditions while claiming vat back. Your claim will help offset any expenses directly related to the business or help reduce 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 many countries all over the world including the EU. It assists to avoid double taxation on products and if you are a vat registered trader in the EU having a official vat number then you can surely reclaim any VAT which 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’re not conversant with vat rules imposed in your own 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 in addition knows the appropriate vat refund procedures that must be followed while trying to get a vat refund. There are several factors that can qualify you to get a vat reclaim. In case 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 don’t own a house or business in the country, aren’t vat registered in that 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’s been vat paid in another country by using vat online services to register 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 obtain 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 nation or countries where the vat amounts have originally been paid.
There is also a time limit of nine months after the end of any calendar year within which you would need to apply for a vat claim in UK even though time period will change in other European countries. You will also have to be careful while completing 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 may also be denied any refunds.
A vat claim will help lower your vat burden provided you meet all the required criteria applicable in your own country as well as 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