Starting a business that needs to import services or goods into the UK can be tough in these competitive times but understanding the range of eu countries which follow vat may help reduce costs. You may definitely be able to track tax systems which are a lot like 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 vat. Although the language used in the vat invoice might differ along with vat rates, the system followed is almost the same. The list of countries within 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 particular 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 find out about such territories vat registration.
One major advantage that you have when importing goods from such eu countries is any vat which you may have paid in the particular country may be refunded to you by that country once 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 take place. Moreover, should you have attended trade shows inside a eu country and have paid vat for the very same then such vat amounts may also be recovered back. This vat refund can surely help shore up your business bottom line while suitably lowering 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 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 that are vat exempt. The hmrc website provides a detailed list of such services and products which are split up 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 several countries might pose problems, a vat agent amply trained in several vat systems should be able to recover your hard earned cash back to your bank account. Additionally, there are different deadlines within eu countries for submitting a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will definitely provide a distinct benefit to you and your business check vat number.
If you want to import services or goods into the UK then opting for eu countries that follow vat would offer several distinct advantages. Having the list of eu countries that follow vat can certainly help save money and also offer ease of operation as the system for paying and collecting vat would be the same in most these countries.