Starting a business that needs to import goods or services into the UK can be difficult during these competitive times but knowing the range of eu countries that observe vat can help save money. You will definitely be able to track tax systems that are a lot like your own while claiming vat refunds for previously paid vat in other countries.
There are several countries in 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 exactly the same. This list of countries 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 https://vatregistrationnumber.com set of eu countries have however opted to remain out of the vat gambit. You can visit 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 can be refunded to your account by that country once you apply for a vat reclaim. This process can be handled by a professional vat agent that has offices in the United Kingdom as well as in other countries from where your imports come about. In addition, if you have attended trade shows in 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 increase business bottom line while suitably cutting your product costs.
Should you hire an expert vat, customs duties, and excise duties agent then that agent will also help calculate sales vat rates as well as file your vat returns within the stipulated time frame. 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 products and services. There are also specific services and products which are vat exempt. The hmrc website offers 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 various countries might pose a problem, a vat agent amply trained in several vat systems must be able to recover your hard earned cash back to your bank account. There are also different time limits within eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly provide a distinct benefit to you and your business.
If you wish to import services or goods into 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 ease of operation because the system for paying and collecting vat will be the same in all these countries.