Starting a business that needs to import goods or services to the UK can be difficult during these competitive times but knowing the range of eu countries which follow vat can help save money. You will definitely be able to track tax systems that are similar to your while claiming vat refunds for previously paid vat in other countries.
There are several countries in the eu which adhere to the system of value-added tax. Even though the language employed in the vat invoice might differ in addition to vat rates, the system followed is virtually the same. 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 vat registration number list of eu countries have however opted to remain out of the vat gambit. You can visit the hmrc vat or hm revenue and customs website to read about such territories.
One major advantage that 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 when you file for a vat reclaim. This process can be handled by an expert vat agent that has offices in the UK as well as in other countries from where your imports come about. In addition, should you have attended trade events in 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 net profit 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 period. 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 products and services. There are also specific products and services that are vat exempt. The hmrc website provides a detailed list of such products and services which 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 various countries might pose a problem, a vat agent well versed in various vat systems must 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 thus having an in-depth knowledge of eu vat and uk vat rules will definitely provide a distinct advantage to 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. Having the list of eu countries that follow vat can certainly help save money as well as offer ease of operation because the system for paying and collecting vat will be the same in all these countries.