If you are a vat registered dealer or manufacturer in the UK or any other EU country then you should make sure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses directly related 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 which has been implemented in many countries around the world including the European Union. It helps to avoid double taxation on products and if you're a vat registered trader in the EU having a official vat number you'll be able to surely claim back any VAT that has recently been paid while importing goods imported to 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 reclaim vat successfully from the country of origin.
If you are not conversant with vat rules imposed throughout your home 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 appropriate vat refund procedures to 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 services or goods from another EU country where vat has already been paid then you can reclaim that vat amount provided you don't own a house or business in that country, are not vat registered in that country, and don't supply to this country. However, you need 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'll be able to reclaim vat on import vat if there has been vat paid overseas by utilizing vat online services to sign up yourself first. If you're 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 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 limit of nine months following end of any calendar year within that you will have to file for a vat claim in UK even though time limit will change in other European countries. You will also need to be careful while completing your vat claim since most EU countries do much more than frown on incorrect or fraudulent claims. You could be penalized for any wrong claim or may also be denied any refunds.
A vat claim can help reduce your vat burden provided you meet all the required criteria applicable in your own country and also the country where 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, check vat number