Starting a business that needs to import goods or services into the UK can be difficult during these competitive times but understanding the number of eu countries that follow vat can help save money. You may easily be able to track tax systems that are similar to your while claiming vat refunds for previously paid vat in other countries.
There are many countries from the eu that also follow the system of value-added tax. Although the language used in the vat invoice might differ along with vat rates, the system followed is almost the same. The 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 https://vatnumbersearch.com set of eu countries have however opted to stay 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 that any vat which you may have paid in a particular country can be refunded to your account by that country once you apply for a vat reclaim. This process can be handled by a professional vat agent that has offices in the UK along with other countries from where your imports take place. Moreover, if you have attended trade events inside a eu country and 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 bottom line while suitably cutting your product costs.
Should you hire a specialist 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 between 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 offers a detailed list of such products and services 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 a problem, a vat agent well versed in several vat systems should be able to recover your hard earned money back into your bank account. Additionally, there are different time limits within eu countries for filing for a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will certainly offer a distinct benefit to you and your business.
If you want to import goods or services into 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 as the system for paying and collecting vat would be the same in most these countries.