Starting a business that is going to import goods or services into the UK can be tough during these competitive times but knowing the number of eu countries that follow vat may help save money. You will definitely be in a position to track tax systems that are a lot like your own while claiming vat refunds for previously paid vat abroad.
There are many countries in the eu which follow the system of value-added tax. Although the language used in the vat invoice might differ in addition to vat rates, the system followed is almost vatcheck.com the same. This 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 set of eu countries have however opted to remain out of the vat gambit. You can visit the hmrc vat or hm revenue and customs website 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 can be refunded to you by that country when you file for a vat reclaim. This process 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. In addition, should you have attended trade shows in a eu country and also have paid vat for the same then such vat amounts can also be recovered back. This vat refund can surely help shore increase business net profit while suitably lowering your product costs.
If 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 frame. 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’s also specific services and products which are vat exempt. The hmrc website provides the 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 together with your vat certificate too. While procedures and language in several countries might pose problems, a vat agent amply trained in various vat systems should be able to recover your hard earned cash back to your bank account. There are also different time limits 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 certainly provide a distinct advantage to both 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. Having the listing of eu countries that follow vat will help save money and also offer ease of operation as the system for paying and collecting vat would be the same in most these countries.