Starting an organization that is going to import goods or services to the UK can be tough during these competitive times but understanding the range of eu countries that follow vat may help reduce costs. You will easily be in a position to track tax systems that are a lot like your 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. Even though the language employed in the vat invoice might differ along with vat rates, the system followed is almost vatcheck.com the same. The list of countries in the European Union 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 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 website to read about such territories.
One major advantage that you have when importing goods from such eu countries is any vat which you may have paid in the particular country may be refunded to you by that country once you file for a vat reclaim. This procedure can be handled by an expert vat agent that has offices in the United Kingdom as well as in other countries from which your imports come about. In addition, should you have attended trade events in a eu country and also have paid vat for the same then such vat amounts can also be recovered back. This vat refund can surely help shore increase business net profit while suitably cutting your product costs.
If you hire an expert vat, customs duties, and excise duties agent then that agent will 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's also specific products and services which are vat exempt. The hmrc website offers a detailed list of such services and products which are split up into 14,000 classifications.
To be able 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 bank account. Additionally, there are different deadlines in different eu countries for filing for a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will certainly provide a distinct benefit to you and your business.
If you wish to import goods or services into the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the list of eu countries that follow vat can certainly help save money as well as offer ease of operation because the system for paying and collecting vat would be the same in most these countries.