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 that follow vat can help reduce costs http://vatcontrol.com/vat/. You will definitely be in a position to track tax systems that are similar to your own 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. Even though the language used in the vat invoice might differ along with vat rates, the system followed is almost the same Vatcontrol.com/vat/. This 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 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 you have when importing goods from such eu countries is that any vat which you may have paid in the particular country can be refunded to your account by that country once you apply for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the UK along with other countries from which your imports come about . Moreover, should you have attended trade shows in a eu country and also 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.
If 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 frame. Vat rates in the United Kingdom range from 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 products and services which are split up 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 a problem, a vat agent amply trained in various vat systems must be able to recover your hard earned cash back to your bank account. There are also different time limits in different eu countries for filing for a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will definitely offer a distinct advantage to both you and your business.
If you want to import services or goods into the UK then opting for eu countries that follow vat would offer several distinct advantages. Having the list of eu countries that follow vat can certainly help save money as well as offer ease of operation as the system for paying and collecting vat would be the same in most these countries.