Starting an organization that is going to import goods or services to the UK can be difficult during these competitive times but knowing the range of eu countries that observe vat may help save money. You will easily be able to track tax systems that are a lot like your while also
claiming vat refunds for previously paid vat in other countries.
There are several countries from the eu that also follow the system of vat. Although the language used in the vat invoice might differ in addition to vat rates, the system followed is virtually the same. This list of countries in 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 particular set of eu countries have however opted to stay out from the vat gambit. You can visit the hmrc vat or hm revenue and customs web site to find out about such territories.
One major advantage you have when importing goods from such eu countries is any vat that you might have paid in a 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 that has offices in the UK as well as in other countries from which your imports take place. Moreover, should you have attended trade events 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 net profit while suitably cutting your product costs.
Should you hire an expert 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 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 services and products. There are also specific products and services which are vat exempt. The hmrc website provides a detailed list of such services and products which are put into 14,000 classifications.
To be able 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 well versed in various vat systems must be able to recover your hard earned money back to your account. Additionally, there are different deadlines within eu countries for filing for 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.
If you want 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 save money as well as offer simplicity of operation because the system for paying and collecting vat would be the same in most these countries.