Starting an organization that is going to import goods or services into the UK can be difficult during these competitive times but knowing the number of eu countries which observe vat may help save money. You may easily be able to track tax systems that are similar to your while also claiming vat refunds for previously paid vat in other countries.
There are several countries from the eu which follow the system of vat. Although the language used in the vat invoice might differ in addition to vat rates, the system followed is almost exactly the same. This list of countries within 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 vat registration number list of eu countries have however opted to remain out of the vat gambit. You can visit the hmrc vat or hm revenue and customs website 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 your account by that country when you file for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the United Kingdom 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 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.
Should 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 United Kingdom 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 provides the detailed list 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 together with your vat certificate too. While procedures and language in several countries might pose a problem, a vat agent amply trained in various vat systems must be able to recover your hard earned cash back to your account. There are also different time limits within eu countries for filing for a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will definitely offer a distinct advantage to 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 list of eu countries that follow vat will help reduce costs and also offer simplicity of operation as the system for paying and collecting vat will be the same in most these countries.