Starting an organization that is going to import services or goods to the UK can be tough during these competitive times but knowing the range of eu countries that observe vat may help reduce costs. You will definitely be able to track tax systems which are similar to your while also claiming vat refunds for previously paid vat in other countries.
There are many countries in the eu that also adhere to the system of value-added tax. Even though the language employed in the vat invoice might differ in addition to vat rates, the system followed is virtually www.vatcheck.com exactly the same. The 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 list 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 that any vat that you might have paid in a particular country may be refunded to your account by that country when you file for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the United Kingdom along with other countries from which your imports take place. Moreover, if you have attended trade events 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 an expert vat, customs duties, and excise duties agent then that agent will also help calculate sales vat rates as well as file your vat returns in the stipulated time period. 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’s also specific products and services which are vat exempt. The hmrc website offers the detailed set of such services and products 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 including your vat certificate too. While procedures and language in several countries might pose a problem, a vat agent amply trained in various vat systems must be able to recover your hard earned cash back to your account. There are also different time limits in different eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will definitely offer a distinct benefit to both 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 save money as well as offer simplicity of operation as the system for paying and collecting vat will be the same in most these countries.