Starting an organization that is going to import services or goods into the UK can be difficult in these competitive times but knowing the number of eu countries which follow vat may help reduce costs. You will definitely be able to track tax systems that are a lot like your while also claiming vat refunds for previously paid vat abroad.
There are several countries in the eu that also follow the system of vat. 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 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 vat registration number list of eu countries have however opted to stay out from the vat gambit. You can visit the hmrc vat or hm revenue and customs website to find out 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 a particular country may be refunded to your account by that country when you file for a vat reclaim. This procedure can be handled by an expert 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 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 increase business net profit 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 as well as file your vat returns within the stipulated time frame. 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’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.
In order 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 several countries might pose problems, a vat agent well versed in several vat systems must be able to recover your hard earned money back into your account. Additionally, there are different deadlines 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 provide a distinct advantage to you and your business.
If you want to import goods or services 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 will help save money and also offer simplicity of operation because the system for paying and collecting vat would be the same in most these countries.