Starting an organization that needs to import services or goods into the UK can be difficult during these competitive times but knowing the number of eu countries that observe vat may help reduce costs. You will definitely be able to track tax systems that are a lot like your own while claiming vat refunds for previously paid vat abroad.
There are many countries from the eu which adhere to the system of value-added tax. Although the language employed in the vat invoice might differ along with vat rates, the system followed is virtually exactly the same. The list of countries in the EU which 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 http://vatnumbersearch.com list 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 read about such territories.
One major advantage that you have when importing goods from such eu countries is that any vat which you may have paid in the particular country may be refunded to your account by that country when you apply for a vat reclaim. This procedure can be handled by a professional vat agent that has offices in the United Kingdom as well as in other countries from where your imports take place. In addition, should you have attended trade shows inside a eu country and have paid vat for the very same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business net profit while suitably lowering your product costs.
If you hire a specialist vat, customs duties, and excise duties agent then that agent can also help calculate sales vat rates and also file your vat returns within the stipulated time frame. Vat rates in the United Kingdom range from 17.5% for standard vat rates to 5% for reduced vat rates to zero vat rates for specific products and services. There's also specific services and products which are vat exempt. The hmrc website offers a detailed set of such products and services which are split up into 14,000 classifications.
In order to claim a vat refund you will need to preserve and submit all original vat documents including your vat certificate too. While procedures and language in various countries might pose problems, a vat agent amply trained in several vat systems must be able to recover your hard earned cash back into your account. There are also different time limits within eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly offer a distinct benefit to both you and your business.
If you wish to import goods or services into the UK then opting for eu countries that follow vat would offer several distinct advantages. Having the listing of eu countries that follow vat will help save money as well as offer simplicity of operation as the system for paying and collecting vat will be the same in all these countries.