Starting a business that needs to import goods or services to the UK can be difficult in these competitive times but understanding the range of eu countries that follow vat may help save money. You will definitely be in a position to track tax systems which are a lot like your while claiming vat refunds for previously paid vat in other countries.
There are several countries in the eu that also adhere to the system of value-added tax. Although the language employed in the vat invoice might differ along with vat rates, the system followed is almost the same. This 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 particular http://vatnumbersearch.com set of eu countries have however opted to stay out of 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 can be refunded to your account by that country when you apply for a vat reclaim. This process can be handled by an expert vat agent that has offices in the UK along with other countries from which your imports take place. In addition, should you have attended trade shows inside a eu country and 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 will also help calculate sales vat rates as well as file your vat returns within the stipulated time period. 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 products and services. There’s also specific products and services which are vat exempt. The hmrc website offers the 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 several vat systems must be able to recover your hard earned money back into your bank 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 benefit to both you and your business.
If you wish to import services or goods into 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 and also offer simplicity of operation because the system for paying and collecting vat would be the same in all these countries.