If you are a vat registered dealer or manufacturer in the United Kingdom or other EU country then you should make sure to satisfy all conditions while claiming vat back http://vatcontrol.com. Your claim will help offset any expenses proportional to your business or help reduce 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 all over 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 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 throughout your home country before you can reclaim vat successfully from the country of origin.
If you are 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 the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures that must be followed while trying to get a vat refund. There are several factors that can qualify you for a vat reclaim. If you have imported goods or services from another EU country where vat has 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, 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 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 register yourself first. If you are in the UK 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 using your vat agent. You 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’s also a time limit of nine months after the end of the twelve months within that you would need to apply for a vat claim in UK even though time period will vary in other Countries in Europe. 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 may be penalized for any wrong claim or might 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 as well as the country in which you might 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.