Starting a business that is going to import goods or services into the UK can be tough in these competitive times but knowing the number of eu countries that follow vat may help save money. You will definitely be in a position to track tax systems which are a lot like your while also claiming vat refunds for previously paid vat abroad.There are many countries from the eu which follow the system of value-added tax. Although the language employed in the vat invoice might differ vatnumbers.com in addition to vat rates, the system followed is virtually the same. This list of countries within the EU 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 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 website to find out about such territories.
One major advantage you have when importing goods from such eu countries is that any vat that you might have paid in a particular country can be refunded to your account 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 United Kingdom as well as in other countries from where 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 up your business net profit while suitably cutting your product costs.
Should you hire an expert vat, customs duties, and excise duties agent then that agent can also help calculate sales vat rates and also 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 products and services. There are also specific services and products which are vat exempt. The hmrc website provides the detailed list 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 together with your vat certificate too. While procedures and language in several countries might pose a problem, a vat agent well versed in various vat systems should be able to recover your hard earned money back to your account. There are also different deadlines in different eu countries for submitting 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 opting for eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat can certainly help reduce costs as well as offer ease of operation as the system for paying and collecting vat will be the same in all these countries.