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 http://vatcontrol.com/vat/. You will definitely be in a position to track tax systems that are a lot like your own while claiming vat refunds for previously paid vat abroad.
There are many countries from the eu which follow the system of vat. Even though the language employed in the vat invoice might differ along with vat rates, the system followed is almost the same www.vatcontrol.com/vat/. This 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 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 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 can be refunded to you by that country once you file for a vat reclaim. This procedure can be handled by an expert vat agent that has offices in the United Kingdom as well as in other countries from which your imports come about . Moreover, if you have attended trade shows inside a eu country and also have paid vat for the very same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business bottom line while suitably lowering your product costs.
If you hire an expert vat, customs duties, and excise duties agent then that agent will also help calculate sales vat rates and also file your vat returns within the stipulated time period. 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 products and services. There’s also specific products and services that are vat exempt. The hmrc website provides a detailed list of such products and services which 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 well versed in various vat systems must be able to recover your hard earned money back to your bank account. There are also different time limits within 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 both you and your business.
If you want to import goods or services to the UK then opting for eu countries that follow vat would offer several distinct advantages. Having the listing of eu countries that follow vat can certainly help save money and also offer ease of operation as the system for paying and collecting vat would be the same in all these countries.