Starting a business that needs to import services or goods to the UK can be difficult during these competitive times but understanding the number of eu countries which follow vat can help save money. You may definitely be in a position to track tax systems that are a lot like your while also
claiming vat refunds for previously paid vat in other countries.
There are several countries in the eu that also adhere to the system of value-added tax. Even though the language used in the vat invoice might differ along with vat rates, the system followed is virtually exactly the same. The list of countries in 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 set 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 read 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 your account by that country once you file for a vat reclaim. This procedure can be handled by a professional vat agent that has offices in the United Kingdom along with other countries from where your imports come about. Moreover, if you have attended trade events in 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 increase business bottom line 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 and also file your vat returns in the stipulated time frame. Vat rates in the UK range from 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 which are vat exempt. The hmrc website provides a detailed set of such products and services which are put into 14,000 classifications.
To be able to claim a vat refund you will have to preserve and submit all original vat documents including your vat certificate too. While procedures and language in several countries might pose a problem, a vat agent amply trained in several vat systems must be able to recover your hard earned money back to your account. Additionally, there are different time limits in different eu countries for submitting a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will certainly offer a distinct benefit to you and your business.
If you wish to import goods or services to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat can certainly help save money as well as offer ease of operation because the system for paying and collecting vat will be the same in all these countries.