If you're a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you definately
must ensure to fulfill all conditions while claiming vat back. Your claim will help offset any expenses directly related to the business or help reduce costs on products imported from another country in which you have previously paid VAT.
VAT or value added tax is 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're 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 terms and conditions imposed by the customs and excise customs vat department in your own country before you can reclaim vat successfully in the country of origin.
If you are not conversant with vat rules imposed throughout your home country then you should hire a vat consultant or tax consultant that's amply trained with all the latest amendments in vat tax, vat rates, and also knows the appropriate vat refund procedures that must be followed while applying for a vat refund. There are several factors that may qualify you to get a vat reclaim. In case you have imported services or goods from another EU country where vat has been paid then you can reclaim that vat amount provided you do not own a house or business in that country, aren't 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's been vat paid overseas by using vat online services to sign up yourself first. If you're in the United Kingdom 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 through 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 nation or countries in which the actual vat amounts have originally been paid.
There's also a time limit of nine months following end of the twelve months within that you will have to file for a vat claim in UK although the time period will change in other Countries in Europe. You'll need to be careful while filling out your vat claim as most EU countries do much 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 can help reduce your vat burden provided you meet all the required criteria applicable throughout your home country as well as the country where you may 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