Starting a business that is going to import services or goods to the UK can be tough during these competitive times but understanding the number of eu countries that observe 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 in other countries.
There are several countries from the eu that also adhere to the system of vat. Although the language used in the vat invoice might differ in addition to vat rates, the system followed is virtually the same. This list of countries 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 set of eu countries have however opted to stay out from the vat gambit. You can go to the hmrc vat or hm revenue and customs web site to read about such territories vat verification.
One major advantage that you have when importing goods from such eu countries is that any vat which you may have paid in a particular country can be refunded to you by that country once you apply for a vat reclaim. This process can be handled by an expert vat agent who has offices in the UK as well as in other countries from where your imports take place. Moreover, if you have attended trade shows in a eu country and also have paid vat for the same then such vat amounts can also be recovered back. This vat refund can surely help shore up your business bottom line while suitably lowering your product costs.
If you hire a specialist vat, customs duties, and excise duties agent then that agent can also help calculate sales vat rates and also file your vat returns within 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 offers a detailed list of such products and services which 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 various vat systems should be able to recover your hard earned money back to your bank account. Additionally, there are different time limits in different eu countries for filing for a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will certainly offer a distinct benefit to you and your business vat check.
If you want to import goods or services into the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat will help reduce costs as well as offer ease of operation as the system for paying and collecting vat will be the same in all these countries.