If you are a vat registered dealer or manufacturer in the UK or any other EU country then you
must ensure to satisfy all conditions while claiming vat back. Your claim may help offset any expenses proportional to the business or lessen 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 many countries around the world including the European Union. It helps to avoid double taxation on products and if you are a vat registered trader in the EU with an 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 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’s amply trained with the latest amendments in vat tax, vat rates, and also knows the correct vat refund procedures that must be followed while applying for a vat refund. There are numerous 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 been paid then you can reclaim that vat amount provided you don’t own a home or business in the country, aren’t vat registered in the country, and don’t supply to that 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 should be fulfilled too.
You’ll be able to reclaim vat on import vat if there has been vat paid overseas by using vat online services to sign up yourself first. If you are in the UK then once you register with hmrc vat online services then you will be able to post your obtain 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’s also a time frame of nine months after the end of the twelve months within that you would need to file for a vat claim in UK although the time limit will change in other Countries in Europe. You will also have to be careful while completing your vat claim as most EU countries do much more than frown on incorrect or fraudulent claims. You may 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 in your own country as well as the country where 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