Starting an organization that needs to import services or goods into the UK can be tough during these competitive times but knowing the range of eu countries which observe vat may help save money. You may definitely be in a position to track tax systems which are a lot like your while claiming vat refunds for previously paid vat abroad.
There are many countries from the eu that also follow the system of value-added tax. Although the language employed in the vat invoice might differ along with vat rates, the system followed is almost 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 particular set of eu countries have however opted to remain out of the vat gambit. You can visit the hmrc vat or hm revenue and customs website to read about such territories vies.
One major advantage that you have when importing goods from such eu countries is that any vat that you might have paid in a particular country can be refunded to your account by that country once you file for a vat reclaim. This process can be handled by an expert vat agent who has offices in the UK along with other countries from where your imports come about. Moreover, should you have attended trade shows inside a eu country and 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 lowering your product costs.
Should 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 in 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 products and services. There are also specific services and products which are vat exempt. The hmrc website offers a detailed list of such services and products that are put into 14,000 classifications.
To be able to claim a vat refund you will have to preserve and submit all original vat documents together with your vat certificate too. While procedures and language in various countries might pose problems, a vat agent amply trained in several vat systems should be able to recover your hard earned money back into your account. There are also different deadlines in different eu countries for filing for a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will definitely offer a distinct benefit to both you and your business vat verification.
If you wish to import services or goods into the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat can certainly help save money and also offer simplicity of operation as the system for paying and collecting vat would be the same in most these countries.