Starting an organization that is going to import services or goods into the UK can be difficult during these competitive times but knowing the range of eu countries which observe vat can help save money. You will definitely be able to track tax systems that are a lot like your while claiming vat refunds for previously paid vat abroad.
There are many countries from the eu which 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 virtually the same. The 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 list of eu countries have however opted to stay out of the vat gambit. You can go to the hmrc vat or hm revenue and customs website to read about such territories vat registration.
One major advantage you have when importing goods from such eu countries is that any vat which you may have paid in a particular country can be refunded to you by that country when you file for a vat reclaim. This procedure can be handled by a professional vat agent who has offices in the United Kingdom along with other countries from where your imports come about. In addition, if you have attended trade shows inside a eu country and also have paid vat for the same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business bottom line 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 and also file your vat returns in 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 which are vat exempt. The hmrc website provides the detailed list of such products and services 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 including your vat certificate too. While procedures and language in various countries might pose a problem, a vat agent amply trained in several 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 submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will definitely offer a distinct advantage to you and your business vat verification.
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 reduce costs as well as offer simplicity of operation as the system for paying and collecting vat would be the same in most these countries.