Starting an organization that is going to import services or goods into the UK can be tough during these competitive times but understanding the number of eu countries which follow vat can help save money. You will easily be able to track tax systems that are similar to your own while claiming vat refunds for previously paid vat abroad.There are many countries in the eu which adhere to the system of value-added tax. Even though the language used in the vat invoice might differ vatnumbers.com along with vat rates, the system followed is virtually 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 set of eu countries have however opted to stay out from the vat gambit. You can visit the hmrc vat or hm revenue and customs web site 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 a particular country can be refunded to your account by that country once you file for a vat reclaim. This process can be handled by a professional vat agent that has offices in the United Kingdom as well as in other countries from which your imports take place. Moreover, if you have attended trade shows inside a eu country and also have paid vat for the very same then such vat amounts can 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 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 in 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 are also specific products and services that are vat exempt. The hmrc website provides the detailed list of such products and services which are put 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 amply trained in various vat systems must be able to recover your hard earned money back into your bank account. There are also different deadlines within eu countries for filing for a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly provide a distinct benefit to you and your business.
If you want to import services or goods 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 reduce costs as well as offer ease of operation as the system for paying and collecting vat will be the same in all these countries.