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 observe vat may help save money http://www.vatcontrol.com/vat/. You will easily be in a position to track tax systems which are a lot like your while also claiming vat refunds for previously paid vat abroad.
There are several countries from the eu that also follow the system of value-added tax. Even though the language used in the vat invoice might differ in addition to vat rates, the system followed is almost the same www.vatcontrol.com/vat/. The 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 set of eu countries have however opted to remain out from the vat gambit. You can go to the hmrc vat or hm revenue and customs website to read about such territories.
One major advantage that you have when importing goods from such eu countries is any vat that you might have paid in a particular country may be refunded to you by that country when you apply for a vat reclaim. This process can be handled by a professional vat agent who has offices in the United Kingdom as well as in other countries from which your imports come about . Moreover, if you have attended trade events in a eu country and also have paid vat for the same then such vat amounts may also be recovered back. This vat refund can surely help shore up your business net profit while suitably lowering your product costs.
If 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 in the stipulated time period. 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’s also specific services and products which are vat exempt. The hmrc website offers 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 have 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 well versed in various vat systems must be able to recover your hard earned cash back to your account. Additionally, there are different deadlines within eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will certainly provide a distinct benefit to you and your business.
If you wish 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 will help reduce costs as well as offer ease of operation because the system for paying and collecting vat will be the same in most these countries.