If you’re a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you
should make sure to fulfill all conditions while claiming vat back. Your claim may help offset any expenses directly related to the business or lessen costs on products imported from another country where you have previously 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 assists in avoiding double taxation on products and if you are a vat registered trader in the EU having a official vat number you’ll be able to surely claim back any VAT that has recently 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 throughout your home 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 well versed with all 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 may qualify you for a vat reclaim. In case you have imported goods or services from another EU country where vat has already been paid then you can reclaim that vat amount provided you don’t own a house or business in that 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 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 using vat online services to sign up yourself first. If you are in the United Kingdom then when you register with hmrc vat online services you will then be able 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 country or countries where the vat amounts have originally been paid.
There’s also a time frame of nine months following end of any twelve months within that you would need to apply for a vat claim in UK although the time period will change in other European countries. You will also 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 could be penalized for a wrong claim or might also be denied any refunds.
A vat claim can help lower your vat burden provided you meet all the required criteria applicable throughout your home country and also the country in which you may 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