Starting an organization that is going to import services or goods to the UK can be tough in these competitive times but knowing the range of eu countries that follow vat can help reduce costs. You will definitely be able to track tax systems that are similar to your while claiming vat refunds for previously paid vat in other countries.
There are many countries in the eu that also adhere to the system of vat. Even though the language employed in the vat invoice might differ along with vat rates, the system followed is almost the same. The 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 https://vatnumbersearch.com list of eu countries have however opted to stay out from the vat gambit. You can visit the hmrc vat or hm revenue and customs website to read 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 an expert vat agent who has offices in the UK as well as in other countries from where your imports take place. In addition, should you have attended trade events in a eu country and also have paid vat for the very same then such vat amounts can also be recovered back. This vat refund can surely help shore increase business bottom line while suitably cutting 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 and also file your vat returns within 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 services and products. There’s also specific products and services which are vat exempt. The hmrc website provides a detailed list of such services and products which are split up into 14,000 classifications.
To be able 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 several countries might pose a problem, a vat agent well versed in various vat systems must be able to recover your hard earned cash back into your account. Additionally, there are different deadlines within eu countries for filing for a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly provide a distinct benefit to you and your business.
If you want to import services or goods to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat can certainly help reduce costs as well as offer ease of operation as the system for paying and collecting vat would be the same in most these countries.