Starting an organization that is going to import goods or services into the UK can be difficult in these competitive times but understanding the number of eu countries which follow vat may help reduce costs vatcontrol-com/vat/. 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 in other countries.
There are several countries in the eu which adhere to the system of vat. Although the language used in the vat invoice might differ in addition to vat rates, the system followed is virtually exactly the same https://www.vatcontrol.com/vat/. This list of countries within the EU 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 set 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 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 your account by that country when you apply for a vat reclaim. This process can be handled by a professional vat agent who 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 in a eu country and also have paid vat for the very same then such vat amounts may 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 will also help calculate sales vat rates as well as file your vat returns within the stipulated time frame. 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 services and products which are vat exempt. The hmrc website offers the detailed list of such services and products that are put 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 amply trained in various vat systems should be able to recover your hard earned cash back into your bank account. There are also different time limits in different eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will certainly offer 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. Having the listing of eu countries that follow vat can certainly help reduce costs as well as offer ease of operation because the system for paying and collecting vat will be the same in all these countries.