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 that follow vat may help save money. You may easily be able to track tax systems which are a lot like your while also
claiming vat refunds for previously paid vat abroad.
There are many countries in the eu that also adhere to the system of vat. Although the language used in the vat invoice might differ in addition to vat rates, the system followed is almost the same. This 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 particular set 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 read about such territories.
One major advantage you have when importing goods from such eu countries is any vat which you may have paid in the particular country may be refunded to your account by that country once you apply for a vat reclaim. This process can be handled by an expert vat agent who has offices in the United Kingdom along with other countries from which your imports come about. In addition, if you have attended trade shows in a eu country and also have paid vat for the same then such vat amounts can also be recovered back. This vat refund can surely help shore increase business net profit 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 as well as 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’s also specific products and services that are vat exempt. The hmrc website offers a detailed list of such products and services 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 various countries might pose problems, a vat agent amply trained in several vat systems should be able to recover your hard earned money back into your account. There are also different time limits within eu countries for filing for a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will certainly provide a distinct advantage to you and your business.
If you want to import services or goods to 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 as the system for paying and collecting vat would be the same in all these countries.