Starting an organization that is going to import services or goods to the UK can be difficult during these competitive times but knowing the number of eu countries that follow vat may help save money www.vatcontrol.com/vat/. You may definitely be able to track tax systems which are a lot like 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 value-added tax. Although the language used in the vat invoice might differ in addition to vat rates, the system followed is virtually exactly the same http://vatcontrol.com/vat/. The 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 list of eu countries have however opted to remain 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 that you have when importing goods from such eu countries is any vat that you might have paid in a particular country may be refunded to you by that country when you apply 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 where your imports take place . In addition, should you have attended trade events inside a eu country and have paid vat for the very same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business bottom line while suitably cutting your product costs.
Should you hire an expert vat, customs duties, and excise duties agent then that agent can 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 products and services. There are also specific services and products that are vat exempt. The hmrc website offers the detailed list of such services and products that are put into 14,000 classifications.
To be able 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 problems, a vat agent well versed in several vat systems must be able to recover your hard earned cash back into your account. There are also different time limits within eu countries for submitting a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will definitely offer a distinct benefit to you and your business.
If you want to import services or goods to 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 will be the same in most these countries.