Starting a business that is going to import goods or services to the UK can be tough in these competitive times but understanding the range of eu countries that follow vat can help reduce costs. You may easily be able to track tax systems that are similar to your while also claiming vat refunds for previously paid vat abroad.There are many countries from the eu that also follow the system of vat. Although the language used in the vat invoice might differ https://vatnumbers.com in addition to vat rates, the system followed is almost exactly the same. The list of countries in the European Union which 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 remain out from the vat gambit. You can visit the hmrc vat or hm revenue and customs website 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 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 as well as in other countries from which your imports come about. Moreover, if you have attended trade shows inside a eu country and also have paid vat for the very same then such vat amounts can also be recovered back. This vat refund can surely help shore increase 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 frame. Vat rates in the UK 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 products and services that are vat exempt. The hmrc website provides a detailed list of such services and products that are split up into 14,000 classifications.
To be able 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 several 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 account. There are also different deadlines in different 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. Having the list of eu countries that follow vat will help save money and also offer simplicity of operation because the system for paying and collecting vat would be the same in all these countries.
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