Make sure to fulfill all conditions while claiming vat back
If you are a vat registered dealer or manufacturer in the UK or other EU country then you must ensure to fulfill all conditions while claiming vat back. Your claim may help offset any expenses proportional to your 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 several countries around the world including the European Union. 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 claim back 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 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 also knows the appropriate vat refund procedures to be followed while applying for a vat refund. There are several factors that may qualify you to get a vat reclaim. If 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, are not vat registered in the country, and do not supply to that country. However, it is advisable 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 in another country by utilizing 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 in a position 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 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 limit of nine months after the end of the twelve months within that you will have to apply for a vat claim in UK even though 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 a lot more than frown on incorrect or fraudulent claims. You may be penalized for any wrong claim or might also be denied any refunds.
A vat claim will 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 very important study each vat rule in great detail and understand its implications before claiming vat back directly or through your agent.
Tags: vat verification, eu vat number
