Starting a business that is going to import goods or services to the UK can be tough in these competitive times but understanding the range of eu countries that observe vat may help reduce costs. You may easily be in a position to track tax systems which are a lot like your while also claiming vat refunds for previously paid vat in other countries.
There are many countries from the eu that also follow the system of vat. Although the language used in the vat invoice might differ in addition to vat rates, the system followed is almost vatcheck.com exactly the same. The 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 set of eu countries have however opted to remain out from the vat gambit. You can go to the hmrc vat or hm revenue and customs website to read 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 when you file for a vat reclaim. This process can be handled by an expert vat agent that has offices in the United Kingdom as well as in other countries from where your imports come about. Moreover, if you have attended trade shows in a eu country and also have paid vat for the same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business bottom line while suitably cutting 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 as well as file your vat returns in 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 products and services. There are also specific services and products that are vat exempt. The hmrc website offers a detailed set 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 a problem, a vat agent well versed in several vat systems must be able to recover your hard earned cash back into your bank account. There are also different time limits in different 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 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. Knowing the list of eu countries that follow vat will 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.