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Make sure to fulfill all conditions while claiming vat back


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If you are a vat registered dealer or manufacturer in the United Kingdom or other EU country then you must ensure to fulfill all conditions while claiming vat back. Your claim may help offset any expenses proportional 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 to avoid double taxation on products and if you’re a vat registered trader within the EU having a official vat number you’ll be able to surely reclaim any VAT that has already been paid while importing goods imported to your own country. However, you have 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’re not conversant with vat rules imposed throughout your home country you then should hire a vat consultant or tax consultant that is well versed with all the latest amendments in vat tax, vat rates, and also knows the appropriate vat refund procedures that must be followed while applying for a vat refund. There are numerous factors that may qualify you to get a vat reclaim. In case 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 that country, aren’t vat registered in that country, and don’t supply to this 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’ll be able to reclaim vat on import vat if there’s been vat paid in another country by utilizing vat online services to sign up yourself first. If you’re in the United Kingdom then once you register with hmrc vat online services you will then be able to post your obtain 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 will also need to be conversant with vat rules in the nation or countries in which 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 apply for a vat claim in UK although the time limit will change in other European countries. You will also need to be careful while completing your vat claim as most EU countries do much more than frown on incorrect or fraudulent claims. You could be penalized for a wrong claim or may 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 as well as the country in which 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 helpline