Starting a business that needs to import goods or services into the UK can be tough in these competitive times but understanding the number of eu countries that observe vat may help reduce costs. You will definitely be in a position to track tax systems which are similar to your while claiming vat refunds for previously paid vat in other countries.
There are many countries from the eu that also adhere to 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 almost http://vatcheck.com exactly the same. The list of countries within 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 of the vat gambit. You can visit the hmrc vat or hm revenue and customs website to find out about such territories.
One major advantage that you have when importing goods from such eu countries is that any vat that you might have paid in the particular country can be refunded to you by that country once you file for a vat reclaim. This procedure can be handled by a professional vat agent that has offices in the UK as well as in other countries from which your imports come about. 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 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 and also file your vat returns in the stipulated time frame. 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 products and services. There’s also specific products and services which are vat exempt. The hmrc website provides the detailed list of such products and services 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 including your vat certificate too. While procedures and language in various countries might pose problems, a vat agent amply trained in various vat systems must be able to recover your hard earned money back to your account. There are also different deadlines within eu countries for submitting a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will certainly provide a distinct benefit to both you and your business.
If you wish to import services or goods into 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 reduce costs as well as offer ease of operation because the system for paying and collecting vat would be the same in most these countries.