Starting a business that needs to import services or goods into the UK can be tough during these competitive times but knowing the range of eu countries which follow vat can help save money https://www.vatcontrol.com/vat/. You may definitely be in a position to track tax systems which are a lot like your own while claiming vat refunds for previously paid vat in other countries.
There are several countries from the eu which adhere to the system of value-added tax. Even though the language used in the vat invoice might differ in addition to vat rates, the system followed is virtually the same Vatcontrol-com/vat/. This list of countries within 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 set of eu countries have however opted to stay 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 you have when importing goods from such eu countries is that any vat which you may have paid in the particular country can 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 where your imports come about . Moreover, should you have attended trade shows 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.
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 in the stipulated time period. Vat rates in the United Kingdom 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 a detailed set 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 together with your vat certificate too. While procedures and language in several countries might pose problems, 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 in different eu countries for filing for a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly offer a distinct advantage 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. Having the list of eu countries that follow vat will help reduce costs as well as offer simplicity of operation because the system for paying and collecting vat will be the same in most these countries.