Starting an organization that is going to import goods or services into the UK can be difficult in these competitive times but understanding the number of eu countries that observe vat may help save money. You may easily be able to track tax systems which are a lot like your own 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. Even though the language employed in the vat invoice might differ vat numbers along with vat rates, the system followed is almost exactly the same. This list of countries within 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 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 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 United Kingdom as well as in other countries from which your imports take place. In addition, should you have attended trade events 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 increase business bottom line while suitably cutting your product costs.
Should you hire a specialist vat, customs duties, and excise duties agent then that agent can also help calculate sales vat rates and also file your vat returns in 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 services and products. There’s also specific services and products which are vat exempt. The hmrc website provides the detailed list of such products and services 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 including your vat certificate too. While procedures and language in various countries might pose problems, a vat agent well versed in several vat systems should be able to recover your hard earned money back into your bank account. Additionally, there are different deadlines in different eu countries for filing for a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will certainly offer a distinct advantage to both you and your business.
If you wish to import services or goods into the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat can certainly help save money as well as offer simplicity of operation because the system for paying and collecting vat would be the same in all these countries.