Learning the list of eu countries that comply with vat will help save money
Starting up a small business that should import goods or services in the UK can be difficult in these cut-throat moments but having the list of eu countries that follow vat will help spend less. You will easily be capable to keep track of tax systems that are similar to your own while claiming vat refunds for previously paid vat in other countries.
There are several countries inside the eu which also keep to the system of vat. Even though the language found in the vat invoice might differ in addition to vat rates, the method followed is practically the same. The list of countries inside the European Union that have implemented the method 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 also Cyprus. Some territories on this list of eu countries have nonetheless decided to keep out from the vat gambit. You can check out the hmrc vat or hm revenue and customs website to read about these types of territories.
One important advantage that you have when importing goods via these types of eu countries is always that any vat which you might have paid in a certain country may be paid back to you by that country as soon as you declare a vat reclaim. This action can be handled by a professional vat agent that has offices in the UK also in various other countries from which your imports take place. Furthermore, when you have gone to trade shows in a eu country and have compensated vat for the same then such vat sums can be reclaimed back. This vat refund can definitely help shore up your business bottom line while superbly reducing your product costs.
In case you hire a professional vat, customs duties, and also excise duties agent then that agent can also help compute sales vat rates along with file your vat returns within the specified period of time. Vat rates in Britain range between 17.5% for standard vat rates to 5% for reduced vat rates to zero vat rates for certain services. In addition there are certain products and services which can be vat exempt. The hmrc website offers a thorough list of such services that are split up into 14,000 classifications.
So that you can claim a vat refund you need to preserve and submit all original vat documents including your vat certificate as well. While procedures and language in several countries may well pose a challenge, a vat agent trained in several vat systems can recover your hard earned cash back in your account. In addition there are several deadlines in numerous eu countries for submitting a vat reclaim and so having an in-depth understanding of eu vat and uk vat rules will surely give you a distinct advantage to you and your business.
If you'd like to import goods or services in the UK then deciding on eu countries that stick to vat would supply various distinct rewards. Having the list of eu countries that follow vat can certainly help spend less as well as offer ease of operation since the process for paying and obtaining vat is the same in all these countries.