Starting an organization that needs to import goods or services to the UK can be difficult during these competitive times but understanding the range of eu countries which follow vat can help reduce costs. You will easily be able to track tax systems that are a lot like your own while 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. Even though the language employed in the vat invoice might differ in addition to vat rates, the system followed is almost http://vatcheck.com exactly the same. This 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 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 that any vat which you may have paid in the particular country can be refunded to your account by that country once you file for a vat reclaim. This procedure can be handled by an expert vat agent that has offices in the United Kingdom as well as in other countries from which your imports come about. Moreover, if you have attended trade shows inside a eu country and have paid vat for the 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 a specialist 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 between 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 offers the detailed set of such products and services that are put into 14,000 classifications.
To be able to claim a vat refund you will have to preserve and submit all original vat documents including your vat certificate too. While procedures and language in several countries might pose a problem, a vat agent amply trained in various vat systems must be able to recover your hard earned cash back to your bank account. There are also different time limits in different eu countries for submitting a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will certainly provide a distinct benefit to both you and your business.
If you want to import goods or services to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat will help save money and also offer simplicity of operation because the system for paying and collecting vat will be the same in most these countries.