Starting an organization that needs to import goods or services into the UK can be difficult during these competitive times but understanding the range of eu countries that observe vat may help reduce costs. You may easily be in a position to track tax systems that are a lot like your own while also claiming vat refunds for previously paid vat abroad.
There are many countries from the eu that also follow the system of vat. Although the language employed in the vat invoice might differ along with vat rates, the system followed is virtually exactly the same. This 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 vat registration number list of eu countries have however opted to stay out from the vat gambit. You can visit the hmrc vat or hm revenue and customs web site to read about such territories.
One major advantage that you have when importing goods from such eu countries is that any vat which you may 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 a professional vat agent that has offices in the United Kingdom 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 very same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business bottom line while suitably lowering 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 and also file your vat returns within 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 products and services that are vat exempt. The hmrc website offers the detailed set of such products and services that are put into 14,000 classifications.
To be able to claim a vat refund you will need 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 well versed in various vat systems must be able to recover your hard earned cash back into your account. There are also different time limits 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 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. Having the list of eu countries that follow vat can certainly help save money and also offer ease of operation because the system for paying and collecting vat will be the same in most these countries.