Starting an organization that is going to import services or goods to the UK can be difficult during these competitive times but understanding the number of eu countries which follow vat can help reduce costs. You will definitely be in a position to track tax systems which are a lot like your own while claiming vat refunds for previously paid vat abroad.
There are several countries from the eu that also adhere to the system of value-added tax. Although the language used in the vat invoice might differ in addition to vat rates, the system followed is almost exactly the same. The list of countries in the EU that have adopted the system of vat are Estonia, Denmark, Bulgaria, Ireland, Latvia, Poland, Spain, Italy, Luxembourg, Belgium, Hungary, Slovak Republic, Czech Republic, Portugal, Sweden, Finland, Slovenia, Austria, Netherlands, Greece, Germany, France, Romania, Malta, Lithuania, and Cyprus. Some territories in this particular vatnumbersearch set of eu countries have however opted to remain out of the vat gambit. You can visit the hmrc vat or hm revenue and customs web site to find out about such territories.
One major advantage that you have when importing goods from such eu countries is any vat that you might have paid in the particular country can be refunded to your account by that country when you apply for a vat reclaim. This procedure can be handled by an expert vat agent that has offices in the UK as well as in other countries from where your imports come about. Moreover, should you have attended trade shows in a eu country and have paid vat for the same then such vat amounts can also be recovered back. This vat refund can surely help shore up your business net profit while suitably cutting your product costs.
Should you hire an expert vat, customs duties, and excise duties agent then that agent can also help calculate sales vat rates as well as file your vat returns in the stipulated time frame. Vat rates in the United Kingdom range between 17.5% for standard vat rates to 5% for reduced vat rates to zero vat rates for specific services and products. There are also specific products and services that are vat exempt. The hmrc website provides a detailed set of such products and services that are put into 14,000 classifications.
In order to claim a vat refund you will have to preserve and submit all original vat documents together with your vat certificate too. While procedures and language in several countries might pose a problem, a vat agent amply trained in several vat systems must be able to recover your hard earned money back into your account. Additionally, there are different deadlines in different eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly provide a distinct benefit to both you and your business.
If you want to import goods or services to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat can certainly help reduce costs and also offer ease of operation as the system for paying and collecting vat will be the same in most these countries.