Starting an organization that is going to import services or goods into the UK can be tough during these competitive times but understanding the number of eu countries which follow vat can help save money. You may easily be in a position to track tax systems which are similar to your while also claiming vat refunds for previously paid vat abroad.
There are many countries from 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 virtually vatcheck.com exactly the same. This list of countries 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 particular list of eu countries have however opted to remain out from the vat gambit. You can visit the hmrc vat or hm revenue and customs web site 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 can be refunded to your account 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 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 same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business bottom line while suitably lowering your product costs.
If 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 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 products and services that are vat exempt. The hmrc website provides a detailed set of such products and services which are split up into 14,000 classifications.
In order to claim a vat refund you will have to preserve and submit all original vat documents together with your vat certificate too. While procedures and language in various countries might pose a problem, a vat agent amply trained in various vat systems should be able to recover your hard earned cash back to your bank account. Additionally, there are different time limits 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 services or goods to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the listing 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 will be the same in most these countries.