Starting an organization that is going to import goods or services to the UK can be tough during these competitive times but knowing the range of eu countries that follow vat may help reduce costs www.vatcontrol.com/vat/. You will definitely be in a position to track tax systems that are a lot like your while also claiming vat refunds for previously paid vat abroad.
There are several countries from the eu that also adhere to the system of vat. Although the language employed in the vat invoice might differ in addition to vat rates, the system followed is almost exactly the same Http://www.vatcontrol.com/vat/. This list of countries within 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 set of eu countries have however opted to stay out from 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 you have when importing goods from such eu countries is any vat which you may have paid in a particular country can be refunded to your account by that country when you file 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 where your imports come about . Moreover, if you have attended trade events inside a eu country and also have paid vat for the 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 an expert 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 frame. Vat rates in the UK range between 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 services and products that are vat exempt. The hmrc website offers a detailed set of such products and services that are split up 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 problems, a vat agent well versed in various vat systems must be able to recover your hard earned cash back into your account. There are also 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 benefit to you and your business.
If you wish to import goods or services into 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 ease of operation as the system for paying and collecting vat would be the same in all these countries.