Starting a business that is going to import services or goods to the UK can be difficult in these competitive times but understanding the number of eu countries that follow vat can help save money. You may definitely be able to track tax systems that are a lot like your own while also claiming vat refunds for previously paid vat abroad.
There are many countries in the eu which adhere to the system of vat. Although the language used in the vat invoice might differ in addition to vat rates, the system followed is almost the same. The list of countries in 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 particular https://vatvalidation.com list of eu countries have however opted to stay 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 that you have when importing goods from such eu countries is any vat which you may have paid in the particular country may be refunded to your account by that country once 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 which your imports come about. In addition, should you have attended trade events inside a eu country and 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 bottom line while suitably cutting your product costs.
If you hire an expert vat, customs duties, and excise duties agent then that agent will also help calculate sales vat rates and also file your vat returns within the stipulated time frame. Vat rates in the United Kingdom range between 17.5% for standard vat rates to 5% for reduced vat rates to zero vat rates for specific products and services. There’s also specific services and products 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 have 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 must be able to recover your hard earned cash back into your bank account. Additionally, there are different deadlines in different eu countries for submitting a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will definitely provide 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 listing of eu countries that follow vat can certainly help reduce costs and also offer ease of operation because the system for paying and collecting vat would be the same in all these countries.