Starting an organization that is going to import services or goods into the UK can be tough in these competitive times but knowing the number of eu countries that follow vat may help reduce costs. You will easily be able to track tax systems that are a lot like your own while also claiming vat refunds for previously paid vat in other countries.
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 vatcheck exactly the same. This list of countries in the European Union 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 web site to read about such territories.
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 can be refunded to your account by that country once you file 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 come about. Moreover, should you have attended trade events in 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 up your 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 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 offers the detailed list of such products and services that 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 including your vat certificate too. While procedures and language in several countries might pose a problem, a vat agent well versed in various vat systems must be able to recover your hard earned money back into your bank account. Additionally, there are different deadlines within eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly offer a distinct advantage to you and your business.
If you wish to import goods or services to the UK then opting for 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 all these countries.