Being aware of the particular set of eu countries that follow vat can help save money
Starting a business that needs to import services or goods into the UK can be tough during these competitive times but knowing the range of eu countries that follow vat may help reduce costs. You will easily be in a position to track tax systems which are similar to your own while
claiming vat refunds for previously paid vat abroad.
There are several countries from the eu that also follow the system of value-added tax. Even though the language used in the vat invoice might differ along with vat rates, the system followed is almost 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 particular list of eu countries have however opted to remain out of the vat gambit. You can go to the hmrc vat or hm revenue and customs web site to read about such territories.
One major advantage 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 once you file for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the UK along with other countries from where your imports take place. Moreover, should you have attended trade shows 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 net profit while suitably lowering your product costs.
If 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 UK range between 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 set of such products and services that 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 including your vat certificate too. While procedures and language in various countries might pose a problem, a vat agent amply trained in various vat systems must be able to recover your hard earned money back into your account. There are also different deadlines within eu countries for filing for a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will certainly provide a distinct advantage to you and your business.
If you wish to import goods or services to the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat will help reduce costs and also offer ease of operation as the system for paying and collecting vat will be the same in all these countries.