Starting a business that is going to import services or goods to the UK can be difficult during these competitive times but knowing the number of eu countries which follow vat can help reduce costs. You will easily be in a position to track tax systems that are similar to your while also claiming vat refunds for previously paid vat in other countries.
There are many countries from the eu that also adhere to 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. This list of countries within 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 remain out of the vat gambit. You can visit the hmrc vat or hm revenue and customs web site to find out about such territories vat number.
One major advantage you have when importing goods from such eu countries is any vat that you might 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 United Kingdom as well as in other countries from which your imports come about. Moreover, should you have attended trade events in a eu country and have paid vat for the very 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.
If you hire a specialist vat, customs duties, and excise duties agent then that agent can also help calculate sales vat rates as well as 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 products and services. There are also specific services and products which are vat exempt. The hmrc website offers the detailed list of such services and products that are put 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 various countries might pose problems, a vat agent amply trained in several vat systems should be able to recover your hard earned cash back into your bank account. Additionally, there are different deadlines in different eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly provide a distinct benefit to you and your business vat number.
If you want to import services or goods 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 reduce costs as well as offer simplicity of operation as the system for paying and collecting vat will be the same in most these countries.