Starting an organization that needs to import goods or services into the UK can be difficult in these competitive times but knowing the number of eu countries which follow vat may help reduce costs. You may definitely be able to track tax systems which are a lot like your while claiming vat refunds for previously paid vat in other countries.
There are several countries from 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 almost the same. This list of countries within 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 www.vatregistrationnumber.com list 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 website to find out about such territories.
One major advantage that you have when importing goods from such eu countries is any vat that you might have paid in a particular country may be refunded to your account by that country when you apply for a vat reclaim. This process can be handled by a professional vat agent who has offices in the United Kingdom as well as in other countries from where your imports come about. Moreover, if you have attended trade events in a eu country and also have paid vat for the very same then such vat amounts may also be recovered back. This vat refund can surely help shore up your business net profit while suitably lowering your product costs.
Should 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 within the stipulated time period. Vat rates in the UK 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 list of such services and products which 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 several vat systems should be able to recover your hard earned cash back to your account. Additionally, there are different deadlines within 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 opting for eu countries that follow vat would offer several distinct advantages. Having the listing of eu countries that follow vat will help save money as well as offer simplicity of operation because the system for paying and collecting vat would be the same in all these countries.