Starting a business that is going to import goods or services into the UK can be difficult during these competitive times but understanding the number of eu countries that observe vat can help reduce costs Vatcontrol-com/vat/. You may easily be able to track tax systems which 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 employed in the vat invoice might differ in addition to vat rates, the system followed is virtually the same Vatcontrol-com/vat/. The list of countries within 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 list of eu countries have however opted to remain out from 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 any vat that you might have paid in a particular country can be refunded to your account by that country once you file for a vat reclaim. This process can be handled by a professional vat agent who has offices in the UK along with other countries from which your imports take place . In addition, 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 net profit while suitably lowering your product costs.
If 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 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’s also specific services and products 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 together with your vat certificate too. While procedures and language in several countries might pose a problem, 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 deadlines in different eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will definitely offer a distinct advantage to you and your business.
If you wish to import goods or services into the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat can certainly help reduce costs as well as offer ease of operation as the system for paying and collecting vat will be the same in all these countries.