Starting an organization that is going to import services or goods into the UK can be difficult during these competitive times but knowing the number of eu countries that observe vat can help reduce costs. 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 from the eu which follow the system of vat. Although the language employed in the vat invoice might differ https://vatnumbers.com along with vat rates, the system followed is virtually exactly the same. This list of countries within 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 list 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 website to find out about such territories.
One major advantage that you have when importing goods from such eu countries is that any vat that you might 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 a professional vat agent who has offices in the UK along with other countries from which your imports come about. Moreover, if 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 up your business bottom line 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 as well as file your vat returns in the stipulated time frame. 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 the detailed list of such products and services that are put into 14,000 classifications.
In order to claim a vat refund you will have 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 well versed in various vat systems must be able to recover your hard earned money 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 certainly offer a distinct benefit to both you and your business.
If you want to import services or goods to the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat can certainly help save money as well as offer ease of operation because the system for paying and collecting vat would be the same in most these countries.