Starting an organization that needs to import goods or services to the UK can be difficult during these competitive times but understanding the range of eu countries that follow vat can help save money. You will definitely be in a position to track tax systems that are a lot like 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 value-added tax. Even though the language employed in the vat invoice might differ along with vat rates, the system followed is almost the same. The list of countries within 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 of the vat gambit. You can visit the hmrc vat or hm revenue and customs web site to find out about such territories search vat number.
One major advantage that you have when importing goods from such eu countries is any vat that you might have paid in the particular country may be refunded to you by that country when you apply 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 where your imports take place. In addition, should you have attended trade shows in a eu country and have paid vat for the very 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 can also help calculate sales vat rates and also 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’s also specific products and services that 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 have to preserve and submit all original vat documents together with your vat certificate too. While procedures and language in several countries might pose a problem, a vat agent amply trained in several vat systems must be able to recover your hard earned money back into your account. There are also different time limits in different eu countries for filing for a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will certainly provide a distinct advantage to you and your business vat verification.
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 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 will be the same in most these countries.