Starting a business that is going to import services or goods to the UK can be tough during 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 that are a lot like your own while also claiming vat refunds for previously paid vat abroad.
There are several countries from 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. This list of countries www.checkvatnumber.com 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 set 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 find out about such territories.
One major advantage you have when importing goods from such eu countries is that any vat that you might have paid in a particular country can be refunded to your account by that country once you apply for a vat reclaim. This procedure can be handled by a professional vat agent who has offices in the United Kingdom as well as in other countries from which your imports come about. Moreover, if you have attended trade shows in a eu country and also have paid vat for the very same then such vat amounts can also be recovered back. This vat refund can surely help shore increase business net profit 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 period. 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 are also specific services and products that 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 together with 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 into your account. Additionally, there are different time limits within eu countries for submitting a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will definitely 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 will help reduce costs and also offer ease of operation as the system for paying and collecting vat would be the same in most these countries.