Starting a business that needs to import services or goods to the UK can be difficult in these competitive times but knowing the number of eu countries that follow vat may help save money. You will definitely be able to track tax systems which are similar to your while claiming vat refunds for previously paid vat in other countries.
There are several countries in the eu which follow the system of vat. Even though the language used in the vat invoice might differ along with vat rates, the system followed is virtually 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 http://vatnumbersearch.com 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 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 you by that country when you apply for a vat reclaim. This process can be handled by an expert vat agent that has offices in the UK as well as in other countries from which your imports come about. In addition, should you have attended trade events inside a eu country and also 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 a specialist 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 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 services and products which are vat exempt. The hmrc website provides a detailed set of such services and products which are split up into 14,000 classifications.
In order 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 a problem, a vat agent well versed in several vat systems should be able to recover your hard earned money back to your bank account. There are also different deadlines within eu countries for filing for a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will definitely provide a distinct advantage to you and your business.
If you wish to import goods or services to the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat can certainly help reduce costs and also offer simplicity of operation as the system for paying and collecting vat would be the same in most these countries.