Starting an organization that is going to import goods or services into the UK can be difficult in these competitive times but knowing the number of eu countries that observe vat can help save money. You will easily be in a position to track tax systems which are similar to your while also claiming vat refunds for previously paid vat abroad.
There are several countries from the eu which 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 virtually exactly the same. This list of countries within the European Union 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 set of eu countries have however opted to remain out from the vat gambit. You can visit the hmrc vat or hm revenue and customs web site to find out about such territories vies.
One major advantage 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 your account by that country once you apply for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the United Kingdom along with other countries from where your imports take place. Moreover, if 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 up your 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 period. 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 products and services. There are also specific products and services which are vat exempt. The hmrc website offers the detailed set of such services and products that are put into 14,000 classifications.
In order to claim a vat refund you will have 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 various vat systems must be able to recover your hard earned money back to your bank account. There are also different time limits in different eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will definitely provide a distinct advantage to both you and your business vat number.
If you want to import goods or services into the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat can certainly 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.