Starting an organization that needs 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 may help reduce costs. You will easily be able to track tax systems that are a lot like your while claiming vat refunds for previously paid vat abroad.
There are many countries in the eu which adhere to the system of value-added tax. Even though the language used in the vat invoice might differ along with vat rates, the system followed is almost exactly the same. The list of countries within the EU which 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 vat validation list of eu countries have however opted to remain out of the vat gambit. You can visit 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 a particular country can be refunded to your account by that country when you file for a vat reclaim. This process 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 come about. Moreover, should you have attended trade events 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 up your business bottom line while suitably lowering your product costs.
Should you hire a specialist vat, customs duties, and excise duties agent then that agent will also help calculate sales vat rates as well as file your vat returns within 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 products and services. There’s also specific services and products that are vat exempt. The hmrc website offers a detailed set of such products and services which are split up into 14,000 classifications.
To be able 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 problems, a vat agent amply trained in various vat systems must be able to recover your hard earned money back to your bank account. Additionally, there are different deadlines in different eu countries for submitting a vat reclaim and therefore 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 goods or services to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat will help reduce costs as well as offer ease of operation because the system for paying and collecting vat would be the same in most these countries.