Starting an organization that is going to import services or goods into the UK can be difficult during these competitive times but knowing the number of eu countries that observe vat can help reduce costs. You will easily be able to track tax systems that are similar to your own while claiming vat refunds for previously paid vat in other countries.
There are many countries in the eu which 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 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 particular list of eu countries have however opted to stay out from the vat gambit. You can visit the hmrc vat or hm revenue and customs website to find out about such territories vat check.
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 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 United Kingdom as well as in other countries from which your imports take place. Moreover, should you have attended trade events inside a eu country and also have paid vat for the same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business net profit 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 and also file your vat returns in the stipulated time period. Vat rates in the United Kingdom 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 services and products that are vat exempt. The hmrc website provides 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 including your vat certificate too. While procedures and language in several countries might pose a problem, a vat agent well versed in several vat systems should be able to recover your hard earned cash back into your account. Additionally, there are different deadlines in different eu countries for filing for a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will definitely provide a distinct advantage to you and your business search vat number.
If you want to import goods or services into the UK then opting for eu countries that follow vat would offer several distinct advantages. Having the list of eu countries that follow vat will help reduce costs and also offer ease of operation because the system for paying and collecting vat would be the same in most these countries.