Starting an organization that needs to import services or goods to the UK can be difficult during these competitive times but knowing the range of eu countries which follow vat may help reduce costs. You will easily be able to track tax systems that are a lot like your own while claiming vat refunds for previously paid vat abroad.
There are several countries in the eu that also adhere to the system of vat. Even though the language employed in the vat invoice might differ in addition to vat rates, the system followed is virtually the same. The 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 vatregistrationnumber.com list of eu countries have however opted to remain out of the vat gambit. You can go to 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 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 who has offices in the UK as well as in other countries from which your imports come about. In addition, if you have attended trade shows in a eu country and have paid vat for the same then such vat amounts can also be recovered back. This vat refund can surely help shore up your business net profit while suitably lowering your product costs.
If you hire a specialist 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 frame. 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 services and products which are vat exempt. The hmrc website provides a detailed list of such services and products that are split up into 14,000 classifications.
To be able 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 a problem, a vat agent amply trained in various vat systems must be able to recover your hard earned money back to your account. There are also different time limits within eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will definitely provide a distinct benefit to both you and your business.
If you wish to import goods or services into the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat will help save money as well as offer ease of operation because the system for paying and collecting vat would be the same in most these countries.