Starting an organization that is going to import services or goods into the UK can be difficult during these competitive times but knowing the range of eu countries that follow vat may help reduce costs. You will definitely be in a position to track tax systems which are a lot like your while claiming vat refunds for previously paid vat in other countries.
There are several 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. This list of countries www.checkvatnumber.com 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 set of eu countries have however opted to remain out from 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 a particular country can be refunded to you by that country once you file for a vat reclaim. This process can be handled by an expert vat agent who has offices in the United Kingdom as well as in other countries from which your imports take place. Moreover, if you have attended trade events in a eu country and also have paid vat for the very same then such vat amounts may also be recovered back. This vat refund can surely help shore up your business bottom line while suitably cutting 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 in the stipulated time period. Vat rates in the UK 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 offers a detailed set of such products and services that are put into 14,000 classifications.
To be able to claim a vat refund you will need 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 well versed in several vat systems must be able to recover your hard earned money back to your bank account. Additionally, there are different time limits within eu countries for filing for a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will definitely offer a distinct benefit to both you and your business.
If you wish to import services or goods 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 can certainly help save money as well as offer ease of operation as the system for paying and collecting vat would be the same in all these countries.