Starting an organization that needs to import goods or services to the UK can be difficult during these competitive times but knowing the number of eu countries that follow vat may help reduce costs vatcontrol-com/vat/. You may definitely be able to track tax systems that are similar to your while also claiming vat refunds for previously paid vat abroad.
There are several countries in the eu which follow the system of vat. Even though the language used in the vat invoice might differ along with vat rates, the system followed is almost exactly the same Http://vatcontrol.com/vat/. 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 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 web site to find out about such territories.
One major advantage that you have when importing goods from such eu countries is that any vat which you may have paid in a particular country may be refunded to your account by that country once you apply for a vat reclaim. This procedure can be handled by a professional vat agent who has offices in the United Kingdom as well as in other countries from where your imports come about . In addition, if you have attended trade shows in a eu country and 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 net profit while suitably cutting 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 as well as file your vat returns in 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 products and services which are vat exempt. The hmrc website offers the detailed set of such services and products which 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 must be able to recover your hard earned money back to your account. Additionally, there are different deadlines in different eu countries for submitting a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will certainly offer a distinct advantage to you and your business.
If you wish to import services or goods into the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat can certainly help reduce costs as well as offer ease of operation as the system for paying and collecting vat would be the same in most these countries.