Starting a business that is going to import goods or services into the UK can be difficult during these competitive times but understanding the range of eu countries that observe vat may help save money. You will easily 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 in the eu which 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 virtually exactly the same. This list of countries http://checkvatnumber.com in the European Union 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 set of eu countries have however opted to stay out from 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 once you file for a vat reclaim. This process can be handled by an expert vat agent who has offices in the United Kingdom along with other countries from which your imports come about. In addition, if you have attended trade shows in 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 bottom line while suitably cutting your product costs.
Should you hire an expert vat, customs duties, and excise duties agent then that agent will also help calculate sales vat rates as well as file your vat returns in the stipulated time period. Vat rates in the UK 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 products and services that are vat exempt. The hmrc website provides the detailed list of such services and products 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 problems, a vat agent well versed in various vat systems must be able to recover your hard earned money back to your bank account. Additionally, there are different time limits in different eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly offer a distinct benefit to both you and your business.
If you want to import services or goods to the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the listing of eu countries that follow vat will help save money as well as offer simplicity of operation as the system for paying and collecting vat would be the same in most these countries.