If you're a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you definately 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 validation.
VAT or value added tax is really a system of collecting taxes that has been implemented in several countries around the world including the EU. It assists in avoiding double taxation on products and if you're a vat registered trader within the EU with an official vat number then you can surely claim back any VAT that has already been paid while importing goods imported into 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 reclaim vat successfully from the country of origin.
If you are not conversant with vat rules imposed in your own country then you should hire a vat consultant or tax consultant that is amply trained with the latest amendments in vat tax, vat rates, and in addition knows the appropriate vat refund procedures that must be followed while applying for a vat refund. There are several factors that may qualify you for 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 don't own a home 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 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 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 you will then be in a position 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 have to be conversant with vat rules in the nation or countries where the vat amounts have originally been paid.
There is also a time limit of nine months following end of the twelve months within which you will have to apply for a vat claim in UK even though time limit will vary in other Countries in Europe. You will also need to be careful while filling out your vat claim since 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 vat registration.
A vat claim will help reduce your vat burden provided you meet all the required criteria applicable in your own country and also the country in which 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.