Starting an organization that needs to import services or goods to the UK can be tough during these competitive times but understanding the number of eu countries which observe vat may help save money. You will easily be in a position to track tax systems that are similar to your while also claiming vat refunds for previously paid vat abroad.
There are many countries from 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 vat check exactly the same. The 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 set of eu countries have however opted to remain 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 any vat which you may have paid in a particular country may be refunded to you 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 United Kingdom as well as in other countries from where your imports take place. Moreover, if you have attended trade events in a eu country and have paid vat for the same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business bottom line while suitably cutting 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 within the stipulated time frame. 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 which are vat exempt. The hmrc website provides a detailed list of such services and products which are put 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 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 bank account. There are also different time limits within eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will certainly offer a distinct advantage to both you and your business.
If you wish to import goods or services to the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the listing 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 all these countries.