Starting an organization that is going to import goods or services into the UK can be difficult during these competitive times but understanding the range of eu countries which follow vat may help save money. You may easily be in a position to track tax systems which are a lot like your own while also claiming vat refunds for previously paid vat in other countries.
There are many countries from the eu that also follow the system of value-added tax. Although the language employed in the vat invoice might differ along with vat rates, the system followed is almost the same. This list of countries within 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 vat number search 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 website to read about such territories.
One major advantage you have when importing goods from such eu countries is any vat that you might 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 a professional vat agent who has offices in the United Kingdom as well as in other countries from where your imports take place. Moreover, if you have attended trade shows in 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 up your business net profit while suitably lowering your product costs.
Should 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 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 are also specific products and services which are vat exempt. The hmrc website provides a detailed set of such products and services which 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 various vat systems should be able to recover your hard earned cash back into your account. There are also different deadlines in different eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will definitely provide a distinct advantage to you and your business.
If you wish to import services or goods to the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the list of eu countries that follow vat will help reduce costs and also offer simplicity of operation as the system for paying and collecting vat would be the same in most these countries.