Starting an organization that is going to import services or goods into the UK can be tough in these competitive times but understanding the range of eu countries that observe vat may help reduce costs. You will definitely be able to track tax systems that are a lot like your while claiming vat refunds for previously paid vat in other countries.
There are many countries from 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 vatcheck.com exactly the same. The list of countries in 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 set of eu countries have however opted to remain out from 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 the particular country may be refunded to you by that country when you apply for a vat reclaim. This process can be handled by a professional vat agent that has offices in the United Kingdom along with other countries from where your imports take place. 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 bottom line 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 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 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.
In order to claim a vat refund you will need to preserve and submit all original vat documents together with your vat certificate too. While procedures and language in several countries might pose problems, a vat agent well versed in various vat systems should be able to recover your hard earned money back to your account. There are also different time limits within eu countries for submitting 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 into the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the listing of eu countries that follow vat can certainly help reduce costs and also offer ease of operation as the system for paying and collecting vat would be the same in all these countries.