Starting an organization that needs to import goods or services into the UK can be tough during these competitive times but knowing the number of eu countries that follow vat may help save money. You will easily be able to track tax systems which are similar to your while also claiming vat refunds for previously paid vat abroad.There are many countries from the eu that also adhere to the system of vat. Even though the language used in the vat invoice might differ vatnumbers.com in addition to vat rates, the system followed is virtually exactly the same. This list of countries in 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 particular list of eu countries have however opted to stay out from the vat gambit. You can go to 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 a particular country can 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 United Kingdom along with other countries from where your imports take place. Moreover, should you have attended trade shows in a eu country and also have paid vat for the same then such vat amounts can also be recovered back. This vat refund can surely help shore up your business bottom line while suitably cutting your product costs.
If 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 products and services that are vat exempt. The hmrc website offers the detailed list 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 problems, a vat agent well versed in several vat systems must be able to recover your hard earned cash back to your account. Additionally, there are different time limits within eu countries for filing for a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will certainly provide a distinct advantage to you and your business.
If you wish to import goods or services into the UK then opting for eu countries that follow vat would offer several distinct advantages. Having the list of eu countries that follow vat will help save money as well as offer simplicity of operation as the system for paying and collecting vat will be the same in all these countries.