Starting a business that needs to import services or goods to the UK can be tough in these competitive times but knowing the number of eu countries which follow vat can help save money. You will easily be in a position to track tax systems that are a lot like your own while also claiming vat refunds for previously paid vat in other countries.There are many countries in the eu that also adhere to the system of vat. Although the language employed in the vat invoice might differ vatnumbers along with vat rates, the system followed is almost exactly the same. The list of countries within the European Union 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 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 any vat that you might have paid in the particular country may be refunded to your account by that country once you apply for a vat reclaim. This procedure can be handled by a professional vat agent who has offices in the United Kingdom along with other countries from which your imports come about. Moreover, if you have attended trade events inside a eu country and also have paid vat for the very same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business bottom line while suitably lowering 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 within the stipulated time frame. 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 products and services which are vat exempt. The hmrc website offers the detailed set of such services and products that are put 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 amply trained in several vat systems must be able to recover your hard earned cash back to your bank account. There are also different deadlines in different eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will definitely provide a distinct benefit to you and your business.
If you want to import services or goods to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing 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 most these countries.