Starting an organization that is going to import services or goods into the UK can be difficult in these competitive times but knowing the range of eu countries which follow vat may help reduce costs. You may definitely be in a position to track tax systems which are similar to your own while also claiming vat refunds for previously paid vat in other countries.
There are many 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 virtually exactly the same. This list of countries in 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 set of eu countries have however opted to stay out from the vat gambit. You can go to the hmrc vat or hm revenue and customs web site to find out about such territories vies.
One major advantage 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 your account by that country once you apply for a vat reclaim. This procedure can be handled by an expert vat agent that has offices in the United Kingdom as well as in other countries from where your imports come about. In addition, if you have attended trade shows in a eu country and also have paid vat for the same then such vat amounts can also be recovered back. This vat refund can surely help shore increase business net profit 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 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 services and products. There’s also specific products and services which are vat exempt. The hmrc website offers a detailed set of such products and services which are put into 14,000 classifications.
In order 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 several countries might pose problems, a vat agent well versed in several vat systems should be able to recover your hard earned money back into your account. Additionally, there are different deadlines 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 vat check.
If you wish to import services or goods into the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat can certainly help save money and also offer simplicity of operation as the system for paying and collecting vat will be the same in most these countries.