Ensure that you fulfill all conditions while claiming vat back

If you are a vat registered dealer or manufacturer in the UK or other EU country then you definately should make sure to fulfill all conditions while claiming vat back. Your claim will help offset any expenses proportional to the 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 several countries around 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 with an official vat number you’ll be able to surely claim back any VAT that has recently 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’s well versed with the latest amendments in vat tax, vat rates, and also knows the appropriate vat refund procedures to be followed while trying to get a vat refund. There are numerous factors that can qualify you for a vat reclaim. If 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 do not own a house or business in that country, are not vat registered in that country, and don’t supply to that country. However, you need to fully comprehend each rule in great detail before claiming vat back as 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 in another country by using vat online services to sign up yourself first. If you’re in the UK then when you register with hmrc vat online services then you will be able to post your obtain 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 where the vat amounts have originally been paid.

There is also a time frame of nine months following end of any twelve months within that you would need to file for a vat claim in UK even though time limit will vary in other European countries. You’ll have to be careful while filling out your vat claim as most EU countries do much more than frown on incorrect or fraudulent claims. You may be penalized for any wrong claim or may also be denied any refunds.

A vat claim will help reduce your vat burden provided you meet all the required criteria applicable in your own country as well as 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.

Tags: vat verification, vat rate