Starting an organization that is going to import goods or services to the UK can be tough during these competitive times but knowing the range of eu countries which observe vat can help reduce costs. You may definitely be able to track tax systems that are a lot like your while claiming vat refunds for previously paid vat in other countries.
There are several countries from the eu that also 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 the same. The 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 vatnumbersearch list of eu countries have however opted to remain out from 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 that you have when importing goods from such eu countries is any vat which you may 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 that has offices in the United Kingdom along with other countries from where your imports come about. In addition, should you have attended trade events inside a eu country and also have paid vat for the same then such vat amounts may also be recovered back. This vat refund can surely help shore up your 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 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 services and products. There are also specific products and services which 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 including your vat certificate too. While procedures and language in various countries might pose a problem, a vat agent amply trained in various vat systems must be able to recover your hard earned money back to your account. Additionally, there are different deadlines in different eu countries for filing for a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly provide a distinct advantage to both you and your business.
If you want to import goods or services to the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat can certainly help reduce costs and also offer simplicity of operation because the system for paying and collecting vat will be the same in most these countries.