Starting a business that needs to import services or goods to the UK can be tough during these competitive times but understanding the number of eu countries which follow vat may help save money. You will easily be able to track tax systems that are similar to your own while also
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. The 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 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 website to find out 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 can be refunded to you by that country once you apply for a vat reclaim. This procedure can be handled by an expert vat agent that has offices in the United Kingdom along with other countries from where your imports come about. In addition, should you have attended trade events in 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 increase business bottom line while suitably cutting 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 services and products which are vat exempt. The hmrc website provides the detailed set of such services and products that 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 amply trained in several vat systems should be able to recover your hard earned cash back into your bank account. Additionally, there are different time limits within eu countries for filing for a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will certainly offer a distinct benefit to both you and your business.
If you want to import goods or services to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat can certainly help save money and also offer ease of operation because the system for paying and collecting vat will be the same in all these countries.