Starting an organization that is going to import goods or services into the UK can be tough during these competitive times but knowing the range of eu countries that follow vat can help save money. You may easily be in a position to track tax systems that are a lot like your while
claiming vat refunds for previously paid vat in other countries.
There are several countries in the eu which adhere to the system of vat. Even though the language used in the vat invoice might differ in addition to vat rates, the system followed is virtually 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 list of eu countries have however opted to stay out from the vat gambit. You can go to 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 that 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 an expert 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 events inside a eu country and have paid vat for the very same then such vat amounts can also be recovered back. This vat refund can surely help shore increase business bottom line while suitably cutting 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 as well as file your vat returns in the stipulated time frame. 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 products and services. There are also specific products and services that are vat exempt. The hmrc website provides the detailed list of such products and services that are put 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 various countries might pose a problem, a vat agent amply trained in several vat systems must be able to recover your hard earned cash back to your bank account. Additionally, there are different deadlines within eu countries for filing for a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will certainly provide a distinct benefit to both you and your business.
If you wish to import goods or services into the UK then opting for eu countries that follow vat would offer several distinct advantages. Having the listing of eu countries that follow vat will help save money and also offer ease of operation because the system for paying and collecting vat will be the same in all these countries.