Starting a business that is going to import services or goods to the UK can be difficult in these competitive times but knowing the number of eu countries which observe vat may help save money. You will definitely be in a position to track tax systems that are similar to your own while claiming vat refunds for previously paid vat in other countries.
There are many countries in the eu that also follow the system of value-added tax. Although the language used in the vat invoice might differ along with vat rates, the system followed is almost exactly the same. The list of countries www.checkvatnumber.com in the EU 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 list of eu countries have however opted to stay out of the vat gambit. You can go to the hmrc vat or hm revenue and customs web site to find out about such territories.
One major advantage that 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 process can be handled by a professional vat agent that has offices in the UK along with other countries from which your imports take place. Moreover, should you have attended trade shows inside a eu country and have paid vat for the very same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business bottom line while suitably lowering your product costs.
Should 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 within the stipulated time period. Vat rates in the UK 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 the detailed list of such services and products that are put 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 various countries might pose problems, a vat agent well versed in several vat systems should be able to recover your hard earned money back into your account. Additionally, there are different deadlines within eu countries for submitting a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will certainly provide a distinct advantage to you and your business.
If you wish to import goods or services to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat can certainly help save money as well as offer ease of operation because the system for paying and collecting vat would be the same in most these countries.