Starting an organization that needs to import services or goods to the UK can be difficult in these competitive times but knowing the number of eu countries which observe vat may help reduce costs. You may definitely be in a position to track tax systems that are similar to your while
claiming vat refunds for previously paid vat in other countries.
There are several countries in the eu that also follow the system of vat. Although the language employed in the vat invoice might differ along with vat rates, the system followed is almost the same. This list of countries in the European Union 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 visit the hmrc vat or hm revenue and customs website 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 can be refunded to you by that country when you apply for a vat reclaim. This procedure can be handled by an expert vat agent that has offices in the UK as well as in other countries from where your imports take place. In addition, if you have attended trade events inside a eu country and have paid vat for the very same then such vat amounts may also be recovered back. This vat refund can surely help shore up your business bottom line 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 frame. Vat rates in the UK range from 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 products and services that are vat exempt. The hmrc website provides the detailed set 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 including your vat certificate too. While procedures and language in various countries might pose problems, a vat agent well versed in several vat systems must be able to recover your hard earned money back into your bank account. Additionally, there are different time limits in different eu countries for submitting 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 goods or services into 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 simplicity of operation because the system for paying and collecting vat would be the same in all these countries.