Starting an organization that is going to import services or goods to the UK can be difficult during these competitive times but knowing the range of eu countries which follow vat can help save money. You will definitely be able 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 follow the system of vat. Although the language employed in the vat invoice might differ along with vat rates, the system followed is virtually exactly 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 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 vat verification.
One major advantage you have when importing goods from such eu countries is that 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 an expert vat agent who has offices in the UK as well as in other countries from where your imports take place. Moreover, should you have attended trade events inside a eu country and have paid vat for the same then such vat amounts may 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 will also help calculate sales vat rates and also file your vat returns within the stipulated time period. 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 services and products. There are also specific products and services which are vat exempt. The hmrc website offers the detailed set of such products and services 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 together with your vat certificate too. While procedures and language in several countries might pose a problem, a vat agent amply trained in various vat systems must be able to recover your hard earned cash back to your bank account. There are also different deadlines within 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 advantage to you and your business vat validation.
If you want to import goods or services into the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the listing of eu countries that follow vat will help save money and also offer ease of operation as the system for paying and collecting vat will be the same in most these countries.