Starting an organization that needs to import services or goods to the UK can be tough in these competitive times but knowing the number of eu countries that follow vat can help save money. You will easily be able to track tax systems that are similar to your own while also claiming vat refunds for previously paid vat abroad.
There are many countries in the eu which follow the system of vat. 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 check vat number within the EU 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 set of eu countries have however opted to remain 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 you have when importing goods from such eu countries is that any vat that you might have paid in the particular country may be refunded to you by that country once 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 inside a eu country and 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 as well as file your vat returns in the stipulated time period. Vat rates in the United Kingdom range from 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 services and products which are vat exempt. The hmrc website offers a detailed set of such products and services 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 including your vat certificate too. While procedures and language in several countries might pose problems, a vat agent well versed in various vat systems must 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 knowledge of eu vat and uk vat rules will definitely offer a distinct advantage to you and your business.
If you want to import goods or services into the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat will help reduce costs as well as offer simplicity of operation because the system for paying and collecting vat would be the same in most these countries.