Starting an organization that needs to import services or goods into the UK can be difficult in these competitive times but understanding the number of eu countries that follow vat may help reduce costs. You may easily be able to track tax systems that are a lot like your while also claiming vat refunds for previously paid vat in other countries.
There are several countries in the eu which follow the system of value-added tax. Even though the language employed in the vat invoice might differ along with vat rates, the system followed is almost www.vatcheck.com exactly 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 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 find out about such territories.
One major advantage that you have when importing goods from such eu countries is any vat which you may have paid in a particular country may be refunded to you by that country when you file for a vat reclaim. This procedure can be handled by a professional vat agent who has offices in the United Kingdom along with other countries from which your imports take place. In addition, if you have attended trade events in a eu country and also 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 bottom line while suitably cutting your product costs.
Should you hire a specialist vat, customs duties, and excise duties agent then that agent will also help calculate sales vat rates as well as 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 products and services. There’s also specific services and products which are vat exempt. The hmrc website provides a detailed list of such services and products that 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 together with 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 into your account. There are also different time limits in different eu countries for filing for a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly offer 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 can certainly help save money as well as offer ease of operation as the system for paying and collecting vat would be the same in all these countries.