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 observe vat may help save money. You will easily be able to track tax systems which are a lot like your while
claiming vat refunds for previously paid vat abroad.
There are many countries from the eu that also adhere to the system of vat. Even though the language employed in the vat invoice might differ in addition to vat rates, the system followed is virtually exactly the same. This list of countries in the EU 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 set of eu countries have however opted to remain out of the vat gambit. You can visit 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 that any vat that you might have paid in the particular country can be refunded to your account by that country once you file for a vat reclaim. This procedure can be handled by a professional vat agent who has offices in the United Kingdom as well as in other countries from which your imports take place. Moreover, should you have attended trade events inside a eu country and also have paid vat for the very same then such vat amounts may also be recovered back. This vat refund can surely help shore up your business net profit while suitably cutting your product costs.
Should you hire an expert 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 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 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 several vat systems should be able to recover your hard earned cash back to your bank account. Additionally, there are different deadlines within eu countries for submitting a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will definitely provide a distinct benefit to both you and your business.
If you want to import services or goods 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 will help save money as well as offer ease of operation as the system for paying and collecting vat would be the same in all these countries.