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 will easily be able to track tax systems that are similar to your while claiming vat refunds for previously paid vat in other countries.
There are many countries from the eu which follow the system of vat. Although the language used in the vat invoice might differ along with 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 particular vat registration number 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 you have when importing goods from such eu countries is any vat that you might have paid in a particular country may be refunded to you by that country when you file for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the UK along with other countries from which your imports take place. Moreover, should you have attended trade events in a eu country and have paid vat for the very same then such vat amounts can also be recovered back. This vat refund can surely help shore up your business net profit while suitably lowering 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 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 which are vat exempt. The hmrc website offers the detailed list of such products and services that are split up into 14,000 classifications.
In order to claim a vat refund you will have to preserve and submit all original vat documents together with your vat certificate too. While procedures and language in several countries might pose a problem, a vat agent amply trained in several vat systems must be able to recover your hard earned money back to your account. Additionally, there are different deadlines within eu countries for filing for a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly provide a distinct advantage to both you and your business.
If you wish to import goods or services to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the list 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 will be the same in all these countries.