Starting a business that needs to import services or goods into the UK can be tough during these competitive times but knowing the range of eu countries which observe vat may help reduce costs. You may easily be able to track tax systems which are similar to your while claiming vat refunds for previously paid vat in other countries.There are many countries in the eu that also adhere to the system of value-added tax. Even though the language employed in the vat invoice might differ vatnumbers.com in addition to vat rates, the system followed is almost 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 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 web site to read about such territories.
One major advantage you have when importing goods from such eu countries is any vat that you might have paid in the particular country may be refunded to you by that country once you file for a vat reclaim. This process can be handled by an expert vat agent that has offices in the UK as well as in other countries from which your imports come about. Moreover, should you have attended trade events 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 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 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 services and products. There are also specific products and services which are vat exempt. The hmrc website offers the detailed list of such products and services that are put into 14,000 classifications.
In order 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 amply trained in several vat systems should be able to recover your hard earned cash back into your account. There are also different deadlines within eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will definitely provide a distinct benefit to both you and your business.
If you want to import services or goods into the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the listing of eu countries that follow vat can certainly help reduce costs and also offer ease of operation as the system for paying and collecting vat would be the same in all these countries.