Starting a business that needs to import services or goods into the UK can be tough during these competitive times but understanding the range of eu countries that follow vat may help save money. You will easily be able to track tax systems that are similar to your while claiming vat refunds for previously paid vat abroad.
There are several 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 almost 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 vatnumbersearch list of eu countries have however opted to stay out of 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 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 your account by that country when you apply for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the United Kingdom along with other countries from which your imports take place. Moreover, if you have attended trade shows inside a eu country and also 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 lowering your product costs.
Should you hire a specialist vat, customs duties, and excise duties agent then that agent will also help calculate sales vat rates as well as 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 offers the detailed list of such services and products which are put into 14,000 classifications.
In order 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 various vat systems must be able to recover your hard earned cash back into your bank account. There are also different deadlines 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 certainly provide a distinct benefit to you and your business.
If you wish to import services or goods into the UK then opting for 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 simplicity of operation because the system for paying and collecting vat will be the same in all these countries.