If you’re a vat registered dealer or manufacturer in the UK or other EU country then you definately must ensure to fulfill all conditions while claiming vat back vatcontrol.com. Your claim will help offset any expenses proportional to the business or help reduce costs on products imported from another country in which you have previously paid VAT.
VAT or value added tax is a system of collecting taxes that has been implemented in several countries around the world including the EU. It helps in avoiding double taxation on products and if you’re a vat registered trader in the EU with an official vat number you’ll be able to surely reclaim any VAT that has already been paid while importing goods imported to your own country. However, you need to fulfill all conditions and terms imposed by the customs and excise customs vat department in your own country before you can 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 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 numerous factors that may qualify you for a vat reclaim. If 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 don’t own a house or business in the country, are not vat registered in that 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 has been vat paid in another country by utilizing vat online services to sign up yourself first. If you are in the United Kingdom then once 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 will need to send all related documents as proof for claiming vat back and you will also have to be conversant with vat rules in the country or countries where the actual 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 will have to file for a vat claim in UK although the time limit will vary in other European countries. You’ll have to be careful while filling out your vat claim as 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 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 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 directly or through your agent.