Starting a business that is going to import services or goods to the UK can be difficult in these competitive times but understanding the range of eu countries which observe vat may help save money. You will easily be able to track tax systems which are a lot like your while claiming vat refunds for previously paid vat abroad.
There are several countries in the eu which follow the system of vat. Although the language employed in the vat invoice might differ along with vat rates, the system followed is virtually the same. This 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 vatnumbersearch list of eu countries have however opted to stay out of the vat gambit. You can go to the hmrc vat or hm revenue and customs website to find out 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 a particular country can be refunded to your account by that country once you apply for a vat reclaim. This process can be handled by an expert 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 inside a eu country and also have paid vat for the same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business net profit while suitably cutting your product costs.
Should you hire an expert vat, customs duties, and excise duties agent then that agent can also help calculate sales vat rates as well as 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 which are vat exempt. The hmrc website provides a detailed list of such services and products that 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 problems, a vat agent amply trained in various 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 understanding of eu vat and uk vat rules will definitely offer a distinct benefit to both you and your business.
If you want to import goods or services to 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 and also offer simplicity of operation because the system for paying and collecting vat will be the same in most these countries.