Starting an organization that needs to import services or goods to the UK can be tough in these competitive times but understanding the range of eu countries which observe vat can help reduce costs vatcontrol-com/vat/. You will definitely be able to track tax systems which are a lot like your own while also claiming vat refunds for previously paid vat in other countries.
There are many countries in the eu that also adhere to the system of vat. Even though the language employed in the vat invoice might differ along with vat rates, the system followed is almost the same Http://www.vatcontrol.com/vat/. The list of countries within 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 list of eu countries have however opted to stay out from the vat gambit. You can go to the hmrc vat or hm revenue and customs website to find out 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 may be refunded to you 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 along with other countries from which your imports come about . In addition, should you have attended trade shows inside a eu country and also 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 bottom line while suitably lowering your product costs.
If you hire an expert 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 period. 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’s also specific services and products that are vat exempt. The hmrc website provides a detailed set of such services and products which are split up 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 money back to your account. Additionally, there are different deadlines in different 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 benefit to both you and your business.
If you wish to import services or goods into the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat can certainly help save money and also offer ease of operation because the system for paying and collecting vat will be the same in all these countries.