If you are a vat registered dealer or manufacturer in the UK or any other EU country then you definately
should make sure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses directly related to the 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 which has been implemented in several countries all over the world including the European Union. It helps to avoid double taxation on products and if you’re a vat registered trader in the EU having a official vat number then you can surely claim back any VAT which has already been paid while importing goods imported to your own country. However, you need to fulfill all terms and conditions imposed by the customs and excise customs vat department throughout your home country before you reclaim vat successfully from 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 is amply trained with the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures that must be followed while trying to get a vat refund. There are several factors that may qualify you to get a vat reclaim. In case you have imported services or goods 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 house or business in that country, aren’t vat registered in the country, and do not supply to this 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 can reclaim vat on import vat if there’s been vat paid overseas by utilizing vat online services to register yourself first. If you’re in the United Kingdom then once you register with hmrc vat online services then you will 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 have to be conversant with vat rules in the nation or countries in which the actual vat amounts have originally been paid.
There’s also a time limit of nine months after the end of any twelve months within which you will have to file for a vat claim in UK although the time period will change in other European countries. You’ll need to be careful while completing your vat claim since most EU countries do a lot 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 lower your vat burden provided you meet all the 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