Starting a business that needs to import goods or services to the UK can be difficult during these competitive times but knowing the number of eu countries which follow vat may help reduce costs www.vatcontrol.com/vat/. You will easily be able to track tax systems which are similar to your own while claiming vat refunds for previously paid vat abroad.
There are several countries in the eu which adhere to the system of vat. Even though the language used in the vat invoice might differ along with vat rates, the system followed is virtually the same Vatcontrol.com/vat/. This list of countries in 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 remain out from the vat gambit. You can visit the hmrc vat or hm revenue and customs website to find out about such territories.
One major advantage that you have when importing goods from such eu countries is that any vat that you might have paid in the particular country can be refunded to your account by that country when you apply for a vat reclaim. This process can be handled by an expert vat agent that has offices in the UK along with other countries from where your imports come about . Moreover, if you have attended trade events in a eu country and have paid vat for the 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 will also help calculate sales vat rates as well as file your vat returns within the stipulated time frame. 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 offers the detailed set of such products and services which 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 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 must be able to recover your hard earned cash back into your bank account. Additionally, there are different time limits in different eu countries for submitting a vat reclaim and thus 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 wish to import services or goods into the UK then opting for eu countries that follow vat would offer several distinct advantages. Having the list of eu countries that follow vat can certainly help save money as well as offer simplicity of operation because the system for paying and collecting vat would be the same in all these countries.