If you’re a vat registered dealer or manufacturer in the UK or any other EU country then you must ensure to fulfill all conditions while claiming vat back http://www.vatcontrol.com. Your claim will help offset any expenses directly related to the business or lessen costs on products imported from another country where you have already paid VAT.
VAT or value added tax is really a system of collecting taxes which has been implemented in several countries around the world including the EU. It assists to avoid double taxation on products and if you are a vat registered trader within the EU having a official vat number then you can surely claim back any VAT that has recently been paid while importing goods imported into your own country. However, you need to fulfill all terms and conditions 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 then you should hire a vat consultant or tax consultant that’s well versed with all the latest amendments in vat tax, vat rates, and also knows the correct vat refund procedures to be followed while trying to get a vat refund. There are several factors that can qualify you to get a vat reclaim. If you have imported goods or services 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 home or business in the country, aren’t vat registered in the country, and don’t supply to this country. However, you need to fully comprehend each rule in great detail before claiming vat back since there are other sub-sections in each rule that need to be fulfilled too.
You’ll be able to 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’re in the United Kingdom then when you register with hmrc vat online services then you will be able to post your request for 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 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 would need to file for a vat claim in UK even though 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 could 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 criteria applicable throughout your home country as well as the country where 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 directly or through your agent.