Starting an organization that needs to import goods or services into the UK can be difficult in these competitive times but knowing the range of eu countries which observe vat may help save money. You will easily be in a position to track tax systems that are similar to your own while claiming vat refunds for previously paid vat abroad.
There are many countries in the eu that also adhere to the system of vat. Although the language employed in the vat invoice might differ in addition to vat rates, the system followed is almost exactly the same. The list of countries in the European Union 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 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 the particular country can be refunded to you by that country when you file for a vat reclaim. This process can be handled by an expert vat agent that has offices in the UK as well as in other countries from where your imports take place. In addition, should you have attended trade shows inside a eu country and 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 net profit while suitably lowering your product costs.
If you hire an expert 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 products and services. There are also specific products and services that are vat exempt. The hmrc website provides a detailed set of such services and products which are put into 14,000 classifications.
In order 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 problems, a vat agent amply trained in various vat systems should be able to recover your hard earned money back into your account. There are also different time limits in different eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly provide a distinct benefit to both you and your business.
If you wish to import goods or services into the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the listing of eu countries that follow vat can certainly help save money and also offer ease of operation as the system for paying and collecting vat will be the same in all these countries.