Starting an organization that is going to import goods or services into the UK can be difficult during these competitive times but knowing the range of eu countries that observe vat can help save money Http://vatcontrol.com/vat/. You may definitely be able to track tax systems that are a lot like your own while claiming vat refunds for previously paid vat in other countries.
There are several countries in the eu which adhere to 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 http://vatcontrol.com/vat/. 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 list 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 web site to read about such territories.
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 may be refunded to you by that country when you apply for a vat reclaim. This process can be handled by an expert vat agent that has offices in the United Kingdom along with other countries from which 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 net profit 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 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 that are vat exempt. The hmrc website provides a detailed set of such services and products 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 several countries might pose problems, a vat agent well versed in various vat systems must be able to recover your hard earned money back to your account. There are also different time limits in different 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 advantage to both you and your business.
If you wish to import goods or services to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat will help save money and also offer simplicity of operation as the system for paying and collecting vat would be the same in all these countries.