Starting an organization that is going to import goods or services into the UK can be difficult in these competitive times but understanding the number of eu countries that follow vat can help reduce costs. You will definitely be in a position to track tax systems which are a lot like your while also claiming vat refunds for previously paid vat in other countries.
There are several countries from the eu which follow the system of value-added tax. Even though the language used in the vat invoice might differ along with vat rates, the system followed is virtually exactly the same. The list of countries http://checkvatnumber.com in the EU which 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 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 you by that country once you apply for a vat reclaim. This process can be handled by a professional vat agent who has offices in the UK as well as in other countries from which your imports take place. Moreover, if you have attended trade shows inside 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 increase business net profit while suitably lowering your product costs.
Should you hire an expert 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 United Kingdom range from 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 services and products that are vat exempt. The hmrc website provides a detailed list of such services and products that 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 together with 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 to your bank 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 offer a distinct benefit to you and your business.
If you want to import services or goods into the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat can certainly help reduce costs as well as offer simplicity of operation because the system for paying and collecting vat would be the same in most these countries.