Starting a business that is going to import goods or services into the UK can be difficult during these competitive times but understanding the number of eu countries that follow vat may help save money vatcontrol-com/vat/. You will easily be able to track tax systems which are similar to your while claiming vat refunds for previously paid vat abroad.
There are many countries from the eu that also follow 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 almost exactly the same vatcontrol-com/vat/. 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 list of eu countries have however opted to remain out from 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 you by that country when you apply 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 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 can also help calculate sales vat rates and also file your vat returns within the stipulated time period. Vat rates in the United Kingdom 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 products and services that are vat exempt. The hmrc website provides the detailed list of such services and products which are put 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 well versed in several vat systems must be able to recover your hard earned cash back to your bank account. There are also different deadlines within eu countries for filing for a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will certainly offer a distinct advantage to both you and your business.
If you want to import services or goods into the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the list of eu countries that follow vat can certainly help reduce costs as well as offer simplicity of operation as the system for paying and collecting vat will be the same in all these countries.