Starting a business that needs to import services or goods to the UK can be tough during these competitive times but knowing the range of eu countries that follow vat can help save money. You may definitely be able to track tax systems which are a lot like your own while also
claiming vat refunds for previously paid vat abroad.
There are several countries in the eu which adhere to the system of vat. Even though the language used in the vat invoice might differ in addition to vat rates, the system followed is virtually exactly 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 set 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 web site to find out about such territories.
One major advantage you have when importing goods from such eu countries is any vat which you may 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 a professional vat agent that has offices in the United Kingdom along with other countries from where your imports come about. Moreover, if 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.
If 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 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 services and products. There are also specific products and services that are vat exempt. The hmrc website offers the detailed list of such products and services which are put into 14,000 classifications.
In order 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 various 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. There are also different deadlines within eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will definitely offer a distinct advantage to 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. Having the list of eu countries that follow vat will help reduce costs and also offer simplicity of operation as the system for paying and collecting vat will be the same in all these countries.