Starting an organization that needs to import goods or services to the UK can be difficult in these competitive times but understanding the number of eu countries which follow vat can help reduce costs. You may definitely be in a position to track tax systems which are similar to your own while also claiming vat refunds for previously paid vat in other countries.
There are many countries in the eu which adhere to the system of vat. Although the language used in the vat invoice might differ along with vat rates, the system followed is virtually the same. The list of countries in 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 www.vatregistrationnumber.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 that you have when importing goods from such eu countries is any vat that you might have paid in the particular country may be refunded to you by that country when you apply for a vat reclaim. This process can be handled by an expert vat agent that has offices in the UK as well as in other countries from where your imports come about. In addition, should you have attended trade shows in a eu country and 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 a specialist vat, customs duties, and excise duties agent then that agent will also help calculate sales vat rates and also file your vat returns within the stipulated time frame. 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 products and services. There are also specific services and products which are vat exempt. The hmrc website offers a detailed list of such products and services which are put into 14,000 classifications.
In order 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 various countries might pose problems, a vat agent well versed in various vat systems should be able to recover your hard earned cash back to your bank account. There are also different time limits within eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will certainly offer a distinct advantage to both you and your business.
If you wish to import goods or services into 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 reduce costs as well as offer simplicity of operation as the system for paying and collecting vat would be the same in all these countries.