Starting an organization that needs to import services or goods to the UK can be tough during these competitive times but knowing the range of eu countries which observe vat may help save money. You will easily be able to track tax systems which are similar to your while claiming vat refunds for previously paid vat abroad.There are several countries in the eu which follow the system of vat. Although the language employed in the vat invoice might differ vatnumbers.com in addition to vat rates, the system followed is virtually the same. This list of countries within the EU 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 particular set of eu countries have however opted to remain out from the vat gambit. You can visit the hmrc vat or hm revenue and customs website to find out about such territories.
One major advantage you have when importing goods from such eu countries is that any vat which you may have paid in a particular country can be refunded to your account by that country when you file for a vat reclaim. This process can be handled by a professional vat agent that has offices in the UK along with other countries from where your imports come about. In addition, should 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 a specialist 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 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 offers the detailed set of such services and products that are split up 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 a problem, a vat agent amply trained in several vat systems should be able to recover your hard earned money back into your account. There are also different time limits 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 wish to import services or goods to the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the list 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 most these countries.