Starting a business that needs to import goods or services into the UK can be difficult in these competitive times but understanding the range of eu countries which follow vat may help save money. You may definitely be in a position to track tax systems that are a lot like your own while also claiming vat refunds for previously paid vat in other countries.
There are several 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 almost the same. The list of countries www.checkvatnumber.com in the European Union 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 set 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 you have when importing goods from such eu countries is that any vat which you may have paid in the particular country may be refunded to you by that country once you apply for a vat reclaim. This procedure can be handled by a professional vat agent that has offices in the United Kingdom as well as in other countries from which your imports come about. In addition, should you have attended trade shows inside 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 bottom line while suitably cutting your product costs.
Should 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 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’s also specific products and services which 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 amply trained in several vat systems must be able to recover your hard earned money back into your account. Additionally, there are different deadlines 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 definitely provide a distinct benefit to both you and your business.
If you want to import services or goods to the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat will help save money as well as offer simplicity of operation as the system for paying and collecting vat will be the same in all these countries.