Starting a business that needs to import goods or services into the UK can be difficult during these competitive times but understanding the number of eu countries that follow vat can help reduce costs Vatcontrol-com/vat/. You will definitely be able to track tax systems that are a lot like your own while also claiming vat refunds for previously paid vat in other countries.
There are several countries from the eu which follow the system of value-added tax. Although the language used in the vat invoice might differ in addition to vat rates, the system followed is virtually the same Http://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 particular set of eu countries have however opted to stay out of the vat gambit. You can visit 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 may be refunded to your account by that country when you apply for a vat reclaim. This procedure can be handled by an expert vat agent that has offices in the United Kingdom as well as in other countries from which your imports take place . In addition, should you have attended trade events inside a eu country and 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 bottom line while suitably cutting your product costs.
Should you hire a specialist vat, customs duties, and excise duties agent then that agent can also help calculate sales vat rates and also 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 products and services. There’s also specific services and products that are vat exempt. The hmrc website offers a detailed set of such services and products which are put into 14,000 classifications.
In order to claim a vat refund you will have 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 well versed in several vat systems should be able to recover your hard earned money back into your bank 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 offer a distinct advantage to both you and your business.
If you want to import services or goods into the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat can certainly help save money as well as offer ease of operation as the system for paying and collecting vat will be the same in most these countries.