Starting an organization that is going to import goods or services to the UK can be tough in these competitive times but understanding the range of eu countries that observe vat may help save money. You will definitely be able to track tax systems which are similar to your while also claiming vat refunds for previously paid vat in other countries.
There are several countries in the eu that also 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. The 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 particular https://vatnumbersearch.com 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 website to find out 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 the particular country may be refunded to your account by that country when you apply for a vat reclaim. This process can be handled by an expert vat agent who has offices in the UK along with other countries from where your imports take place. Moreover, should you have attended trade events inside a eu country and have paid vat for the 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.
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 that are vat exempt. The hmrc website provides a detailed set of such products and services 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 several countries might pose a problem, a vat agent amply trained in several vat systems must be able to recover your hard earned cash back into your bank 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 definitely provide a distinct advantage to both you and your business.
If you wish to import goods or services to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat will help save money and also offer simplicity of operation as the system for paying and collecting vat would be the same in most these countries.