Starting a business that needs to import services or goods into the UK can be tough during these competitive times but understanding the range of eu countries that observe vat may help save money. You may easily be in a position to track tax systems that are similar to your own while also claiming vat refunds for previously paid vat in other countries.There are many countries from the eu which follow the system of vat. Although the language employed in the vat invoice might differ www.vatnumbers.com in addition to vat rates, the system followed is almost 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 stay 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 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 a professional vat agent that has offices in the UK as well as in other countries from where your imports take place. In addition, if you have attended trade events in a eu country and 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 net profit while suitably cutting 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 and also 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 that are vat exempt. The hmrc website provides a detailed set of such services and products which are split up into 14,000 classifications.
In order to claim a vat refund you will need to preserve and submit all original vat documents together with your vat certificate too. While procedures and language in various countries might pose a problem, a vat agent amply trained in several vat systems should be able to recover your hard earned money back into your bank account. Additionally, there are different time limits within eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will definitely provide a distinct advantage to you and your business.
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 listing of eu countries that follow vat will help save money and also offer simplicity of operation because the system for paying and collecting vat would be the same in all these countries.