Starting an organization that needs to import services or goods into the UK can be difficult during these competitive times but knowing the number of eu countries that follow vat can help reduce costs. You may definitely be in a position to track tax systems that are similar to your own while claiming vat refunds for previously paid vat abroad vat control.
There are several countries in the eu which follow the system of value-added tax. Although the language used in the vat invoice might differ along with vat rates, the system followed is virtually exactly the same. 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 particular set of eu countries have however opted to stay out of the vat gambit. You can visit 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 that you might have paid in the particular country can be refunded to you 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 where your imports come about. In addition, if you have attended trade shows inside a eu country and 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 a specialist vat, customs duties, and excise duties agent then that agent can also help calculate sales vat rates as well as file your vat returns in the stipulated time period. 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 offers a detailed set of such products and services which 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 together with your vat certificate too. While procedures and language in various countries might pose a problem, a vat agent amply trained in various vat systems should be able to recover your hard earned cash back to your bank account. There are also different time limits within eu countries for submitting a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will certainly provide a distinct benefit to you and your business read more here.
If you wish to import services or goods to 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 reduce costs and also offer ease of operation as the system for paying and collecting vat will be the same in all these countries.