Starting a business that is going to import services or goods to the UK can be tough during these competitive times but knowing the range of eu countries which follow vat can help save money. You may definitely be able to track tax systems which are similar to your own while claiming vat refunds for previously paid vat in other countries.
There are many countries from the eu which follow the system of value-added tax. Although the language employed in the vat invoice might differ in addition to vat rates, the system followed is almost exactly the same. The list of countries check vat number in 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 from 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 which you may have paid in the particular country may be refunded to your account by that country once you apply for a vat reclaim. This procedure can be handled by an expert vat agent that has offices in the UK as well as in other countries from where your imports take place. In addition, should you have attended trade shows inside a eu country and 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 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 within the stipulated time period. Vat rates in the United Kingdom range from 17.5% for standard vat rates to 5% for reduced vat rates to zero vat rates for specific services and products. There’s also specific products and services which are vat exempt. The hmrc website offers the detailed list of such products and services which are split up 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 into your bank account. Additionally, there are different deadlines within eu countries for filing for a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will certainly offer a distinct benefit to both 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 will help reduce costs as well as offer ease of operation because the system for paying and collecting vat will be the same in most these countries.