Starting an organization that is going to import services or goods to the UK can be tough during these competitive times but knowing the number of eu countries that follow vat may help save money. You may definitely be able to track tax systems which are a lot like your while claiming vat refunds for previously paid vat abroad.
There are many countries in the eu that also follow the system of vat. Although the language used in the vat invoice might differ along with vat rates, the system followed is virtually the same. 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 particular vatvalidation set 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 read about such territories.
One major advantage you have when importing goods from such eu countries is that any vat which you may have paid in the particular country may 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 UK along with other countries from where your imports come about. Moreover, should you have attended trade shows inside a eu country and also 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 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 products and services. There’s also specific services and products which are vat exempt. The hmrc website provides a detailed list of such services and products that 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 together with your vat certificate too. While procedures and language in various countries might pose a problem, a vat agent well versed in several vat systems must be able to recover your hard earned money back into your account. Additionally, there are different time limits in different eu countries for filing for a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will definitely offer a distinct benefit to you and your business.
If you wish to import services or goods to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat will help save money as well as offer simplicity of operation as the system for paying and collecting vat would be the same in all these countries.