Starting a business that needs to import goods or services to the UK can be tough in these competitive times but knowing the range of eu countries that observe vat may help save money. You will definitely be in a position to track tax systems which are similar to your while claiming vat refunds for previously paid vat in other countries.
There are many countries from the eu which follow the system of vat. Even though the language used in the vat invoice might differ along with vat rates, the system followed is virtually vatcheck.com the same. This 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 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 read about such territories.
One major advantage that you have when importing goods from such eu countries is any vat which you may have paid in the 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 who has offices in the UK along with other countries from where your imports come about. In addition, 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 up your 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 and also file your vat returns in the stipulated time frame. 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 services and products. There’s also specific services and products that are vat exempt. The hmrc website offers the detailed set of such products and services which are put into 14,000 classifications.
To be able 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 various countries might pose a problem, a vat agent well versed in several vat systems should be able to recover your hard earned money back to your bank account. There are also different time limits in different eu countries for filing for a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will certainly offer a distinct benefit to 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. Knowing the listing 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 would be the same in most these countries.