Starting a business that needs to import services or goods to the UK can be difficult during these competitive times but knowing the range of eu countries that observe vat can help reduce costs. You may definitely be in a position to track tax systems that are similar to your own while claiming vat refunds for previously paid vat abroad.
There are several countries from the eu which follow the system of value-added tax. Even though the language employed in the vat invoice might differ in addition to vat rates, the system followed is almost 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 particular vatregistrationnumber list of eu countries have however opted to remain out from the vat gambit. You can visit 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 may be refunded to your account by that country when you apply for a vat reclaim. This procedure can be handled by a professional vat agent that has offices in the UK along with other countries from which your imports come about. Moreover, if 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 cutting your product costs.
Should you hire an expert vat, customs duties, and excise duties agent then that agent can also help calculate sales vat rates and also file your vat returns in the stipulated time frame. Vat rates in the UK 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 products and services which are vat exempt. The hmrc website provides 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 problems, a vat agent amply trained in various vat systems should be able to recover your hard earned cash back to your account. There are also different deadlines in different eu countries for submitting a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will definitely provide a distinct benefit to both you and your business.
If you wish to import goods or services into the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the listing of eu countries that follow vat will help reduce costs and also offer simplicity of operation because the system for paying and collecting vat will be the same in most these countries.