Starting an organization that needs to import goods or services to the UK can be difficult in these competitive times but understanding the range of eu countries that observe vat may help reduce costs. You may definitely be in a position to track tax systems which are similar to 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 vat. Even though the language employed in the vat invoice might differ along with vat rates, the system followed is almost exactly the same. This list of countries www.checkvatnumber.com within the European Union 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 set of eu countries have however opted to remain out of the vat gambit. You can visit the hmrc vat or hm revenue and customs web site to find out about such territories.
One major advantage you have when importing goods from such eu countries is any vat that you might have paid in the particular country may be refunded to you by that country once you file for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the United Kingdom along with other countries from which your imports take place. In addition, should you have attended trade events in 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.
If 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 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 that are vat exempt. The hmrc website provides the 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 including your vat certificate too. While procedures and language in various countries might pose a problem, a vat agent well versed in several vat systems must be able to recover your hard earned cash back into your bank account. Additionally, there are 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 certainly provide a distinct advantage to both 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 listing of eu countries that follow vat will help save money and also offer ease of operation because the system for paying and collecting vat will be the same in most these countries.