Starting an organization that needs 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 can help save money. You may definitely be in a position to track tax systems that are similar to your own while claiming vat refunds for previously paid vat in other countries.There are many countries from the eu which follow the system of value-added tax. Even though the language employed in the vat invoice might differ vatnumbers.com in addition to vat rates, the system followed is virtually the same. The list of countries within 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 set 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 web site to read about such territories.
One major advantage you have when importing goods from such eu countries is that any vat which you may have paid in a particular country may be refunded to you by that country once you apply for a vat reclaim. This procedure can be handled by a professional vat agent who has offices in the UK along with 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 same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business bottom line 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 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 products and services. There are also specific services and products which are vat exempt. The hmrc website offers the detailed list of such services and products 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 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 money back to your bank account. There are also different deadlines in different eu countries for submitting a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will definitely provide a distinct advantage 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. Knowing 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 would be the same in all these countries.