If you’re a vat registered dealer or manufacturer in the United Kingdom or any other EU country then you must ensure to fulfill all conditions while claiming vat back Www.vatcontrol.com. Your claim may help offset any expenses directly related to your business or lessen 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 that has been implemented in many countries around the world including the EU. It helps in avoiding double taxation on products and if you are a vat registered trader within the EU with an official vat number then you can surely claim back any VAT which 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 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’s well versed with the latest amendments in vat tax, vat rates, and in addition knows the correct vat refund procedures that must be followed while applying for a vat refund. There are numerous factors that can qualify you to get a vat reclaim. In case you have imported services or goods from another EU country where vat has been paid you’ll be able to reclaim that vat amount provided you don’t own a house or business in the country, aren’t vat registered in that country, and don’t supply to that 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’s been vat paid overseas by using 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 will 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 frame of nine months following end of the calendar year within that you would need to file for a vat claim in UK even though time limit will vary in other Countries in Europe. You will also have to be careful while filling out your vat claim as most EU countries do a lot more than frown on incorrect or fraudulent claims. You may 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 criteria applicable throughout your home country and also the country in which 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.