Starting a business that is going to import services or goods to the UK can be difficult in these competitive times but knowing the number of eu countries which observe vat can help reduce costs. You may definitely be able to track tax systems which are similar to your while claiming vat refunds for previously paid vat abroad.
There are several countries from the eu which adhere to the system of value-added tax. Even though the language used in the vat invoice might differ in addition to vat rates, the system followed is almost http://vatcheck.com the same. This list of countries in the European Union 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 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 that 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 you by that country when you apply for a vat reclaim. This process can be handled by an expert vat agent who has offices in the UK along with other countries from which your imports take place. Moreover, should you have attended trade shows in 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 an expert 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 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’s also specific services and products that are vat exempt. The hmrc website offers a detailed set of such services and products which are put 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 several countries might pose problems, a vat agent amply trained in various vat systems should be able to recover your hard earned cash back to your bank account. There are also different time limits in different eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will definitely provide a distinct benefit to you and your business.
If you want to import goods or services into the UK then choosing 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 simplicity of operation because the system for paying and collecting vat would be the same in all these countries.