Starting a business that is going to import services or goods to the UK can be tough in these competitive times but understanding the number of eu countries which observe vat can help reduce costs. You may definitely be in a position to track tax systems that are a lot like your own while also claiming vat refunds for previously paid vat in other countries.There are many countries from the eu which follow the system of vat. Even though the language employed in the vat invoice might differ http://vatnumbers.com in addition to vat rates, the system followed is almost exactly the same. This list of countries within the EU 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 list of eu countries have however opted to remain out from the vat gambit. You can visit the hmrc vat or hm revenue and customs web site to find out about such territories.
One major advantage that you have when importing goods from such eu countries is any vat which you may have paid in a particular country can be refunded to you by that country once you file for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the United Kingdom as well as in other countries from which your imports come about. Moreover, should you have attended trade events in a eu country and have paid vat for the same then such vat amounts can also be recovered back. This vat refund can surely help shore increase business net profit 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 within the stipulated time frame. 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 services and products. There are also specific services and products which are vat exempt. The hmrc website provides the detailed set of such services and products which are put into 14,000 classifications.
In order to claim a vat refund you will have 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 several vat systems should be able to recover your hard earned cash back into your account. Additionally, there are different deadlines within eu countries for filing for a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will certainly provide a distinct advantage to both you and your business.
If you want to import services or goods to the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the list of eu countries that follow vat will help save money as well as offer simplicity of operation because the system for paying and collecting vat will be the same in all these countries.