Starting a business that needs to import goods or services into the UK can be difficult during these competitive times but knowing the number of eu countries that follow vat can help save money. You will definitely be able to track tax systems that are a lot like your while also claiming vat refunds for previously paid vat abroad.
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 in addition to vat rates, the system followed is virtually exactly 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 set of eu countries have however opted to stay out of the vat gambit. You can go to the hmrc vat or hm revenue and customs website to read about such territories vat verification.
One major advantage that 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 you by that country when you apply for a vat reclaim. This process can be handled by a professional vat agent who has offices in the UK as well as in other countries from where your imports take place. In addition, should you have attended trade shows in a eu country and also have paid vat for the same then such vat amounts can also be recovered back. This vat refund can surely help shore increase business net profit 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 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 services and products. There are also specific services and products which are vat exempt. The hmrc website provides a detailed list of such services and products which are put into 14,000 classifications.
To be able 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 problems, a vat agent amply trained in several vat systems should be able to recover your hard earned money back to your bank account. Additionally, there are different time limits in different eu countries for filing for a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly provide a distinct advantage to both you and your business vat verification.
If you wish to import goods or services to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing 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.