If you are a vat registered dealer or manufacturer in the UK or other EU country then you should make sure to satisfy all conditions while claiming vat back http://www.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 previously paid VAT.
VAT or value added tax is really a system of collecting taxes that has been implemented in many countries all over the world including the EU. It helps in avoiding double taxation on products and if you’re 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 have to fulfill all conditions and terms imposed by the customs and excise customs vat department throughout your home country before you reclaim vat successfully in 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 all the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures to be followed while applying for a vat refund. There are numerous factors that can qualify you to get a vat reclaim. If you have imported services or goods from another EU country where vat has been paid you’ll be able to reclaim that vat amount provided you do not own a home or business in that 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 need to be fulfilled too.
You can reclaim vat on import vat if there’s been vat paid in another country by using vat online services to sign up yourself first. If you are in the United Kingdom then once you register with hmrc vat online services then you will be able to post your obtain your vat reclaim either directly or through 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 nation or countries in which the actual vat amounts have originally been paid.
There is also a time frame of nine months following end of any twelve months within which you would need to file for a vat claim in UK even though time limit will change in other Countries in Europe. You’ll need to be careful while filling out your vat claim since most EU countries do a lot more than frown on incorrect or fraudulent claims. You may be penalized for a wrong claim or may 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 where 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.