Starting a business that needs to import services or goods to the UK can be difficult in these competitive times but knowing the range of eu countries which follow vat may help save money. You will easily 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 in the eu that also follow the system of vat. Even though the language used in the vat invoice might differ in addition to 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 vat validation list of eu countries have however opted to stay out of the vat gambit. You can visit the hmrc vat or hm revenue and customs website to read about such territories.
One major advantage you have when importing goods from such eu countries is any vat that you might have paid in a particular country may be refunded to you by that country once you apply for a vat reclaim. This procedure can be handled by an expert vat agent that has offices in the United Kingdom along with other countries from where your imports take place. In addition, if you have attended trade shows inside a eu country and have paid vat for the very same then such vat amounts can 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 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 products and services. There are also specific products and services that are vat exempt. The hmrc website offers the detailed set of such services and products 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 including your vat certificate too. While procedures and language in several countries might pose problems, a vat agent amply trained in several vat systems should be able to recover your hard earned cash back into your bank 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 definitely provide a distinct benefit to you and your business.
If you wish to import services or goods to the UK then opting for 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 simplicity of operation because the system for paying and collecting vat will be the same in all these countries.