Starting an organization that is going to import services or goods to the UK can be difficult in these competitive times but knowing the number of eu countries that follow vat may help reduce costs. You will definitely be in a position to track tax systems that are a lot like your while also claiming vat refunds for previously paid vat abroad.
There are several countries in the eu that also adhere to the system of vat. Although the language used in the vat invoice might differ along with vat rates, the system followed is virtually exactly the same. The list of countries in 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 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 read about such territories vat control.
One major advantage you have when importing goods from such eu countries is that any vat that you might have paid in a 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 United Kingdom as well as in other countries from where your imports come about. Moreover, should you have attended trade events in a eu country and also 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 bottom line while suitably lowering your product costs.
If you hire an expert vat, customs duties, and excise duties agent then that agent will also help calculate sales vat rates and also file your vat returns within the stipulated time period. Vat rates in the United Kingdom 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 which are vat exempt. The hmrc website offers a detailed list of such products and services that 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 several countries might pose a problem, a vat agent well versed in several vat systems must be able to recover your hard earned cash back into your bank account. Additionally, there are 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 both you and your business vat number.
If you want to import goods or services to the UK then opting for 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 would be the same in most these countries.