If you’re a vat registered dealer or manufacturer in the United Kingdom or other EU country then you definately must ensure to satisfy all conditions while claiming vat back Http://www.vatcontrol.com. Your claim may help offset any expenses directly related to your business or lessen costs on products imported from another country where you have previously paid VAT.
VAT or value added tax is a system of collecting taxes that has been implemented in many countries around the world including the EU. It assists to avoid double taxation on products and if you are a vat registered trader within the EU with an 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 have to fulfill all terms and conditions imposed by the customs and excise customs vat department in your own 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 the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures to be followed while trying to get a vat refund. There are several factors that can qualify you to get 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 do not own a home or business in the country, are not vat registered in the country, and don’t 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 should be fulfilled too.
You’ll be able to reclaim vat on import vat if there has been vat paid overseas by using vat online services to register yourself first. If you are in the United Kingdom 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 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 nation or countries in which the vat amounts have originally been paid.
There’s also a time limit of nine months after the end of the calendar year within which you will have to apply for a vat claim in UK although the time limit will change in other Countries in Europe. You’ll have to be careful while completing your vat claim as most EU countries do a lot more than frown on incorrect or fraudulent claims. You could be penalized for a wrong claim or might also be denied any refunds.
A vat claim will help reduce your vat burden provided you meet all the required criteria applicable throughout your home 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.