Starting a business that needs to import goods or services to the UK can be tough in these competitive times but knowing the number of eu countries that observe vat can help save money. You may easily be able to track tax systems which are a lot like your while also claiming vat refunds for previously paid vat in other countries.
There are several countries in the eu which follow the system of vat. Although the language employed in the vat invoice might differ in addition to vat rates, the system followed is virtually the same. The list of countries check vat number within 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 particular set of eu countries have however opted to stay 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 you by that country when you file for a vat reclaim. This procedure can be handled by an expert vat agent that has offices in the UK as well as in other countries from which your imports take place. In addition, should you have attended trade events 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 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 and also file your vat returns in the stipulated time period. 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 services and products. There are also specific products and services which are vat exempt. The hmrc website offers the detailed set of such products and services that 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 a problem, a vat agent well versed in several vat systems must be able to recover your hard earned money back to your bank account. Additionally, there are different time limits in different 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 services or goods to the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the list of eu countries that follow vat will help reduce costs and also offer simplicity of operation as the system for paying and collecting vat would be the same in most these countries.