Starting a business that is going to import goods or services to the UK can be tough during these competitive times but knowing the number of eu countries that follow vat may help save money. You may definitely be able to track tax systems that are similar to your while also
claiming vat refunds for previously paid vat in other countries.
There are many countries from 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 exactly the same. This list of countries in the EU 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 stay out from the vat gambit. You can go to the hmrc vat or hm revenue and customs web site to read about such territories.
One major advantage you have when importing goods from such eu countries is any vat which you may have paid in the particular country can be refunded to your account by that country when you file for a vat reclaim. This process can be handled by an expert vat agent that has offices in the United Kingdom along with other countries from which your imports take place. In addition, should 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 can also help calculate sales vat rates and also 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 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 including your vat certificate too. While procedures and language in several countries might pose a problem, a vat agent well versed in several vat systems should be able to recover your hard earned cash back to your account. There are also different time limits within eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will definitely offer a distinct benefit to both 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. Having the list of eu countries that follow vat will help save money and also offer ease of operation as the system for paying and collecting vat would be the same in most these countries.