Starting an organization that needs to import services or goods to the UK can be tough in these competitive times but understanding the number of eu countries which observe vat may help save money. You may definitely be in a position to track tax systems that are a lot like your own 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 exactly the same. This list of countries check vat number 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 list of eu countries have however opted to stay out of 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 you have when importing goods from such eu countries is any vat which you may have paid in a particular country may be refunded to your account by that country once you apply 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 which your imports come about. Moreover, if you have attended trade shows inside a eu country and have paid vat for the same then such vat amounts can also be recovered back. This vat refund can surely help shore up your business net profit while suitably cutting 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 in the stipulated time frame. Vat rates in the UK range between 17.5% for standard vat rates to 5% for reduced vat rates to zero vat rates for specific services and products. There are also specific services and products which are vat exempt. The hmrc website offers the detailed list of such services and products that 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 together with your vat certificate too. While procedures and language in several countries might pose problems, a vat agent amply trained in several vat systems must be able to recover your hard earned money back to your account. Additionally, there are different time limits in different eu countries for filing for a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly 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. Having the listing of eu countries that follow vat will help save money as well as offer ease of operation as the system for paying and collecting vat will be the same in all these countries.