Starting a business that is going to import services or goods into the UK can be difficult during these competitive times but knowing the number of eu countries that observe vat may help save money. You will definitely be in a position to track tax systems that are similar to your own while also claiming vat refunds for previously paid vat in other countries.
There are several countries from the eu which adhere to the system of value-added tax. Although the language used in the vat invoice might differ in addition to vat rates, the system followed is almost the same. The list of countries in the EU 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 list of eu countries have however opted to remain out of the vat gambit. You can visit the hmrc vat or hm revenue and customs website to find out about such territories search vat number.
One major advantage you have when importing goods from such eu countries is any vat which you may have paid in a particular country may be refunded to you by that country when you file for a vat reclaim. This procedure can be handled by a professional vat agent that has offices in the United Kingdom as well as in other countries from which your imports come about. Moreover, if 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.
If 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 products and services that are vat exempt. The hmrc website offers the detailed list of such products and services that are put into 14,000 classifications.
In order 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 several countries might pose a problem, a vat agent amply trained in various vat systems should be able to recover your hard earned cash back to your account. Additionally, there are different deadlines in different eu countries for filing for a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will definitely offer a distinct advantage to you and your business vat registration.
If you want to import goods or services into 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 as the system for paying and collecting vat will be the same in most these countries.