If you’re a vat registered dealer or manufacturer in the United Kingdom or other EU country then you must ensure to fulfill all conditions while claiming vat back http://www.vatcontrol.com. Your claim may help offset any expenses proportional 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 really a system of collecting taxes which has been implemented in several countries all over the world including the European Union. 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 reclaim any VAT that has already been paid while importing goods imported to your own country. However, you need 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’re not conversant with vat rules imposed in your own 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 numerous factors that may qualify you for a vat reclaim. If you have imported goods or services from another EU country where vat has been paid you’ll be able to 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, you need 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 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 able to post your request for your vat reclaim either directly or using your vat agent. You will need to send all related documents as proof for claiming vat back and you will also need to be conversant with vat rules in the country or countries in which the vat amounts have originally been paid.
There’s also a time limit of nine months after the end of any calendar year within which you will have to apply for a vat claim in UK although the time period will vary 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 can help reduce your vat burden provided you meet all the 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 directly or through your agent.