Starting a business that needs to import goods or services into the UK can be difficult during these competitive times but understanding the number of eu countries which follow vat may help save money. You may definitely be in a position to track tax systems which are a lot like your own while also
claiming vat refunds for previously paid vat abroad.
There are many countries in the eu that also follow the system of value-added tax. Even though the language employed in the vat invoice might differ in addition to vat rates, the system followed is virtually exactly the same. The list of countries within 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 set 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 website to read about such territories.
One major advantage you have when importing goods from such eu countries is that any vat that you might have paid in the particular country may 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 as well as in other countries from where your imports come about. Moreover, if you have attended trade events inside a eu country and have paid vat for the same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business bottom line while suitably lowering 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 as well as file your vat returns in the stipulated time period. 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 are also specific products and services which are vat exempt. The hmrc website offers a detailed set of such services and products that 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 including your vat certificate too. While procedures and language in various countries might pose problems, a vat agent well versed in various vat systems should be able to recover your hard earned cash back into your account. There are also different time limits in different eu countries for filing for a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will definitely offer a distinct advantage to both you and your business.
If you wish to import goods or services into the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat will 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.