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 that follow vat may help reduce costs. You may definitely be able to track tax systems which are similar to your own while also claiming vat refunds for previously paid vat in other countries.There are several countries in the eu which adhere to the system of vat. Although the language employed in the vat invoice might differ https://vatnumbers.com in addition to vat rates, the system followed is almost exactly the same. The 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 list of eu countries have however opted to remain out of the vat gambit. You can visit the hmrc vat or hm revenue and customs web site to find out about such territories.
One major advantage you have when importing goods from such eu countries is that any vat which you may have paid in the particular country can be refunded to your account by that country once you apply for a vat reclaim. This process can be handled by a professional 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 same then such vat amounts can also be recovered back. This vat refund can surely help shore increase business net profit 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 within 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 products and services that are vat exempt. The hmrc website offers a detailed set of such services and products which 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 problems, a vat agent amply trained in various vat systems should be able to recover your hard earned money back into your account. There are also different deadlines in different eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will certainly offer a distinct benefit to you and your business.
If you want to import goods or services into the UK then choosing 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 ease of operation because the system for paying and collecting vat will be the same in all these countries.