Starting a business that needs to import goods or services to the UK can be difficult during these competitive times but knowing the range of eu countries that follow vat may help save money. You may easily 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 from the eu which adhere to the system of vat. Even though the language used in the vat invoice might differ along with vat rates, the system followed is virtually exactly 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 particular set of eu countries have however opted to remain out from the vat gambit. You can go to the hmrc vat or hm revenue and customs website to read about such territories search vat number.
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 you by that country when you apply for a vat reclaim. This process can be handled by an expert vat agent who has offices in the United Kingdom along with other countries from where your imports come about. In addition, if 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 cutting 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 UK range between 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 offers a detailed set of such services and products that are split up into 14,000 classifications.
In order to claim a vat refund you will have 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 into your account. There are also different deadlines within eu countries for filing for a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will definitely offer a distinct advantage to both you and your business vat number.
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 will help save money and also offer simplicity of operation because the system for paying and collecting vat will be the same in most these countries.