Starting an organization that is going to import goods or services to the UK can be tough in these competitive times but understanding the range of eu countries that observe vat may help reduce costs vatcontrol-com/vat/. You may easily be able to track tax systems which are a lot like 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. Even though the language used in the vat invoice might differ along with vat rates, the system followed is almost the same www.vatcontrol.com/vat/. The list of countries in 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 particular set of eu countries have however opted to remain out of the vat gambit. You can go to the hmrc vat or hm revenue and customs website to find out about such territories.
One major advantage that you have when importing goods from such eu countries is any vat which you may have paid in the particular country can be refunded to you by that country once you file for a vat reclaim. This procedure 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, if you have attended trade events in a eu country and also 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 net profit while suitably cutting your product costs.
If 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 within the stipulated time frame. Vat rates in the UK range from 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 provides the detailed list of such services and products which are split up 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 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 in different 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 you and your business.
If you wish to import services or goods into the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the list of eu countries that follow vat can certainly help save money as well as offer ease of operation because the system for paying and collecting vat would be the same in most these countries.