Starting a business that needs to import goods or services into the UK can be tough in these competitive times but understanding the number of eu countries that observe vat can help save money. You will definitely be able to track tax systems that are similar to your own while claiming vat refunds for previously paid vat abroad.There are many countries from the eu that also follow the system of value-added tax. Although the language employed in the vat invoice might differ www.vatnumbers.com in addition to vat rates, the system followed is virtually the same. The list of countries within 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 from the vat gambit. You can visit 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 which you may have paid in a particular country can be refunded to you by that country once you file for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the UK as well as in other countries from which your imports come about. Moreover, should you have attended trade shows in a eu country and have paid vat for the same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business net profit while suitably cutting your product costs.
If you hire an expert vat, customs duties, and excise duties agent then that agent can 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 services and products. There are also specific products and services which are vat exempt. The hmrc website provides the detailed list of such products and services that are put into 14,000 classifications.
To be able 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 problems, a vat agent well versed in several vat systems should be able to recover your hard earned money back into your account. There are also different deadlines within eu countries for submitting a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will definitely offer a distinct advantage to you and your business.
If you want to import services or goods 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 reduce costs as well as offer ease of operation because the system for paying and collecting vat would be the same in all these countries.