Starting an organization that is going to import goods or services into the UK can be tough in these competitive times but understanding the range of eu countries which follow vat may help reduce costs. You will definitely be in a position to track tax systems which are a lot like your own while claiming vat refunds for previously paid vat abroad.
There are several countries from the eu which 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 virtually the same. The 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 particular www.vatnumbersearch.com list of eu countries have however opted to remain out of the vat gambit. You can go to the hmrc vat or hm revenue and customs website to read about such territories.
One major advantage that you have when importing goods from such eu countries is that any vat that you might 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 an expert vat agent who has offices in the UK along with 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 bottom line while suitably lowering your product costs.
Should you hire an expert 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 frame. Vat rates in the UK range between 17.5% for standard vat rates to 5% for reduced vat rates to zero vat rates for specific products and services. There are also specific products and services which are vat exempt. The hmrc website provides a detailed list of such products and services that are split up into 14,000 classifications.
In order to claim a vat refund you will have to preserve and submit all original vat documents together with your vat certificate too. While procedures and language in various countries might pose problems, a vat agent amply trained in various vat systems should be able to recover your hard earned cash back into your bank account. There are also different deadlines within eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will definitely provide a distinct benefit to you and your business.
If you wish to import goods or services into 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 and also offer simplicity of operation as the system for paying and collecting vat will be the same in all these countries.