Make sure to fulfill all conditions while claiming vat back

 

If you are a vat registered dealer or manufacturer in the UK or any other EU country then you should make sure to fulfill 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 already paid VAT.

VAT or value added tax is a system of collecting taxes that has been implemented in several countries around the world including the European Union. It helps in avoiding double taxation on products and if you are a vat registered trader in 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 terms and conditions imposed by the customs and excise customs vat department in your own country before you can 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 well versed with the latest amendments in vat tax, vat rates, and also knows the correct vat refund procedures to be followed while applying for a vat refund. There are several factors that can qualify you for a vat reclaim. If you have imported goods or services from another EU country where vat has already been paid then you can reclaim that vat amount provided you do not own a house or business in that country, are not vat registered in that country, and do not supply to that 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 need to be fulfilled too.

You can reclaim vat on import vat if there has been vat paid in another country by using vat online services to register yourself first. If you are in the UK then once you register with hmrc vat online services then you will be able 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 need to be conversant with vat rules in the country or countries where the vat amounts have originally been paid.

 

There is also a time limit of nine months after the end of any calendar year within which you would need to file for a vat claim in UK although the time limit will vary in other European countries. 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 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 required criteria applicable in your own country as well as the country where you might 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.