Starting an organization that is going to import services or goods into the UK can be difficult in these competitive times but understanding the range of eu countries that follow vat can help save money. You will definitely be able to track tax systems which are similar to your while also claiming vat refunds for previously paid vat in other countries.
There are several countries in the eu which follow the system of value-added tax. Although the language employed in the vat invoice might differ in addition to vat rates, the system followed is virtually exactly the same. This list of countries https://checkvatnumber.com 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 particular list of eu countries have however opted to remain out from the vat gambit. You can go to the hmrc vat or hm revenue and customs website to read about such territories.
One major advantage you have when importing goods from such eu countries is any vat which you may have paid in the particular country can be refunded to you by that country when you file for a vat reclaim. This process can be handled by an expert vat agent that has offices in the UK along with other countries from where your imports come about. In addition, if you have attended trade events inside 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 net profit while suitably cutting your product costs.
Should 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 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 services and products which are vat exempt. The hmrc website provides 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 have to preserve and submit all original vat documents together with your vat certificate too. While procedures and language in various countries might pose problems, a vat agent well versed in several vat systems must be able to recover your hard earned cash back into your bank account. There are also different time limits in different eu countries for filing for a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will certainly offer a distinct advantage to you and your business.
If you wish to import services or goods to 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 reduce costs and also offer simplicity of operation because the system for paying and collecting vat would be the same in all these countries.