Starting an organization that is going to import goods or services into the UK can be difficult during these competitive times but understanding the range of eu countries that observe vat can help save money. You may definitely be able to track tax systems that are similar to your while claiming vat refunds for previously paid vat in other countries.
There are several countries from the eu that also adhere to the system of value-added tax. Although the language employed in the vat invoice might differ along with vat rates, the system followed is almost exactly the same. This list of countries in the EU 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 remain out from the vat gambit. You can go to the hmrc vat or hm revenue and customs website to find out about such territories vat check.
One major advantage that 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 when you apply for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the UK along with other countries from which your imports come about. In addition, if you have attended trade events inside 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 increase business bottom line while suitably cutting your product costs.
If 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 in the stipulated time frame. Vat rates in the United Kingdom range between 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 which are vat exempt. The hmrc website offers a detailed list of such services and products that are put into 14,000 classifications.
In order 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 a problem, a vat agent well versed in several vat systems must be able to recover your hard earned cash back into your bank account. There are also different time limits within eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly provide a distinct advantage to you and your business vat validation.
If you want to import goods or services to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat can certainly help save money and also offer ease of operation because the system for paying and collecting vat will be the same in most these countries.