Make sure to fulfill all conditions while claiming vat back

If you’re a vat registered dealer or manufacturer in the UK or any other EU country then you definately should make sure to satisfy all conditions while claiming vat back. Your claim will help offset any expenses proportional to the 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 to avoid double taxation on products and if you’re a vat registered trader within the EU with an official vat number then you can surely reclaim any VAT which 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 throughout your home country before you reclaim vat successfully in the country of origin.

If you’re not conversant with vat rules imposed throughout your home country you then should hire a vat consultant or tax consultant that’s amply trained with all the latest amendments in vat tax, vat rates, and in addition knows the appropriate vat refund procedures that must be followed while trying to get a vat refund. There are several factors that can qualify you for a vat reclaim. If you have imported services or goods from another EU country where vat has already been paid you’ll be able to reclaim that vat amount provided you do not own a home or business in that country, aren’t vat registered in the 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 need to be fulfilled too.

You’ll be able to 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’re in the UK then when you register with hmrc vat online services then you will be in a position 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’ll also need to be conversant with vat rules in the country or countries in which the actual 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 apply for a vat claim in UK although the time limit will change in other Countries in Europe. 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 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 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.

Tags: vat verification, vat increase 2011