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Ensure that you fulfill all conditions while claiming vat back


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If you’re a vat registered dealer or manufacturer in the UK or any other EU country then you definately must ensure to fulfill all conditions while claiming vat back. Your claim may help offset any expenses proportional to the business or help reduce costs on products imported from another country where 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 European Union. It assists to avoid double taxation on products and if you are a vat registered trader in the EU with an official vat number you’ll be able to surely reclaim any VAT that has already been paid while importing goods imported into 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 can 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 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 numerous factors that may qualify you to get 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 home or business in the country, are not 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 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 has been vat paid overseas by using vat online services to register yourself first. If you’re in the UK 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 through your vat agent. You need to send all related documents as proof for claiming vat back and you’ll also have to be conversant with vat rules in the nation or countries where the actual vat amounts have originally been paid.

There’s also a time frame of nine months following end of the twelve months within which you would need to apply for a vat claim in UK even though time period will vary in other European countries. You will also have to be careful while completing your vat claim as most EU countries do much 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 can help reduce your vat burden provided you meet all the required criteria applicable throughout your home 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.

Tags: vat verification, vat registered companies