Starting a business that is going to import goods or services to the UK can be tough during these competitive times but understanding the range of eu countries which follow vat can help save money. 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 in other countries.
There are many countries from the eu that also adhere to the system of value-added tax. Even though the language used in the vat invoice might differ in addition to vat rates, the system followed is almost exactly the same. This list of countries within 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 www.vatregistrationnumber.com 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 web site 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 the particular country may be refunded to you by that country once you file for a vat reclaim. This process can be handled by a professional vat agent who has offices in the United Kingdom as well as in other countries from where your imports come about. Moreover, if you have attended trade shows in 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 up your 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 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’s also specific services and products which are vat exempt. The hmrc website offers a detailed list of such products and services which 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 amply trained in several vat systems should be able to recover your hard earned money back to your account. There are also different deadlines within eu countries for filing for a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will definitely offer a distinct advantage to 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 reduce costs as well as offer simplicity of operation because the system for paying and collecting vat will be the same in all these countries.