Starting a business that is going to import services or goods to the UK can be difficult during these competitive times but knowing the number of eu countries that observe vat may help reduce costs. You will definitely be able to track tax systems which are similar to your while also claiming vat refunds for previously paid vat abroad.
There are many countries in the eu that also follow the system of vat. Even though the language employed in the vat invoice might differ along with vat rates, the system followed is virtually the same. The list of countries in 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 https://vatnumbersearch.com 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 any vat that you might have paid in a particular country may be refunded to your account by that country when you apply for a vat reclaim. This procedure can be handled by an expert vat agent that has offices in the United Kingdom along with other countries from where your imports come about. In addition, if you have attended trade events inside a eu country and also have paid vat for the same then such vat amounts can also be recovered back. This vat refund can surely help shore increase business bottom line while suitably lowering your product costs.
If you hire an expert 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 United Kingdom 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 products and services that 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 several countries might pose problems, a vat agent amply trained in several 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 submitting a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will certainly offer a distinct advantage to you and your business.
If you want to import goods or services to the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat can certainly help reduce costs as well as offer simplicity of operation because the system for paying and collecting vat will be the same in most these countries.