Starting an organization that is going to import services or goods to the UK can be difficult in these competitive times but understanding the number of eu countries that observe vat can help save money. You may definitely be in a position to track tax systems that are a lot like your own while also claiming vat refunds for previously paid vat abroad.There are many countries from the eu that also follow the system of value-added tax. Even though the language used in the vat invoice might differ vatnumbers.com in addition to vat rates, the system followed is virtually the same. This list of countries within the European Union 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 set of eu countries have however opted to stay out of the vat gambit. You can visit the hmrc vat or hm revenue and customs website to find out about such territories.
One major advantage you have when importing goods from such eu countries is that any vat that you might have paid in the particular country may be refunded to your account by that country when you file for a vat reclaim. This process can be handled by an expert vat agent who has offices in the UK as well as in other countries from where 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 up your business bottom line while suitably lowering 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 as well as 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 are also specific services and products which are vat exempt. The hmrc website offers the detailed set of such products and services that 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 various countries might pose a problem, a vat agent well versed in various vat systems should be able to recover your hard earned money back to your account. Additionally, there are different deadlines in different eu countries for submitting a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will certainly offer a distinct advantage to both you and your business.
If you wish to import goods or services to the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the listing of eu countries that follow vat will help save money as well as offer simplicity of operation because the system for paying and collecting vat would be the same in most these countries.