Starting a business that needs to import services or goods to the UK can be tough in these competitive times but understanding the number of eu countries that observe vat can help reduce costs. You will definitely 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 that also adhere to the system of value-added tax. Although the language employed in the vat invoice might differ in addition to vat rates, the system followed is almost the same. This list of countries within 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 http://vatnumbersearch.com set of eu countries have however opted to stay out of the vat gambit. You can visit the hmrc vat or hm revenue and customs website to read about such territories.
One major advantage you have when importing goods from such eu countries is that any vat that you might have paid in the particular country may be refunded to your account by that country once you apply for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the UK along with other countries from where your imports come about. In addition, if you have attended trade events inside 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 increase business bottom line 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 and also file your vat returns in the stipulated time frame. Vat rates in the United Kingdom range between 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 services and products which 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 problems, a vat agent amply trained in several vat systems must be able to recover your hard earned cash back to your account. Additionally, there are different time limits within 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 want to import goods or services into the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the list of eu countries that follow vat can certainly help reduce costs and also offer simplicity of operation as the system for paying and collecting vat will be the same in all these countries.