Starting a business that needs to import services or goods to the UK can be difficult in these competitive times but knowing the number of eu countries that observe vat may help reduce costs. You may easily be able to track tax systems which are a lot like your own while also
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claiming vat refunds for previously paid vat in other countries.
There are many countries from the eu that also follow the system of vat. Even though the language used in the vat invoice might differ along with vat rates, the system followed is virtually exactly 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 list of eu countries have however opted to remain out from 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 that you might have paid in the particular country can be refunded to you by that country once you file for a vat reclaim. This process can be handled by an expert vat agent that has offices in the United Kingdom along with other countries from which your imports take place. In addition, should you have attended trade shows in 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 up your business net profit while suitably lowering your product costs.
If you hire an expert vat, customs duties, and excise duties agent then that agent will also help calculate sales vat rates and also file your vat returns within the stipulated time frame. 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’s also specific services and products which are vat exempt. The hmrc website offers the detailed set of such services and products which 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 together with your vat certificate too. While procedures and language in several countries might pose problems, a vat agent amply trained in various vat systems must be able to recover your hard earned money back to your account. Additionally, there are different deadlines within eu countries for submitting a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will certainly provide a distinct benefit to both 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. Having the list of eu countries that follow vat will help save money as well as offer ease of operation as the system for paying and collecting vat would be the same in most these countries.