Starting an organization that needs to import services or goods to the UK can be difficult in these competitive times but understanding the number of eu countries that follow vat may help save money Vatcontrol-com/vat/. You will easily be in a position to track tax systems that are a lot like your own while claiming vat refunds for previously paid vat in other countries.
There are many countries from the eu which follow the system of value-added tax. Even though the language used in the vat invoice might differ in addition to vat rates, the system followed is virtually exactly the same Www.vatcontrol.com/vat/. 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 set of eu countries have however opted to stay out of the vat gambit. You can go to 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 that any vat which you may have paid in the particular country may be refunded to your account by that country when you file for a vat reclaim. This process can be handled by a professional vat agent that has offices in the United Kingdom along with other countries from where your imports take place . In addition, if you have attended trade shows inside a eu country and 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 net profit while suitably lowering 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 in 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’s also specific products and services which are vat exempt. The hmrc website offers a detailed list of such products and services which are split up into 14,000 classifications.
To be able 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 a problem, a vat agent well versed in several vat systems must 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 thus having an in-depth knowledge of eu vat and uk vat rules will certainly offer a distinct benefit to you and your business.
If you want to import goods or services to the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the list of eu countries that follow vat can certainly help save money and also offer simplicity of operation because the system for paying and collecting vat would be the same in all these countries.