Being aware of the list of eu countries that follow vat might help cut costs

Starting a business that is going to import services or goods into the UK can be difficult in these competitive times but understanding the range of eu countries that observe vat may help reduce costs. You may easily be able to track tax systems that are similar to your own while also
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claiming vat refunds for previously paid vat in other countries.

There are several countries in the eu which adhere to 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. This list of countries in the European Union 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 particular set of eu countries have however opted to stay out of the vat gambit. You can go to 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 that you might have paid in a particular country may be refunded to your account by that country when you file for a vat reclaim. This process can be handled by an expert vat agent that has offices in the UK along with other countries from which your imports take place. Moreover, should you have attended trade shows inside a eu country and also 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.

Should you hire an expert vat, customs duties, and excise duties agent then that agent can also help calculate sales vat rates and also file your vat returns within 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 services and products. There’s also specific services and products which are vat exempt. The hmrc website provides the detailed set of such services and products which are split up into 14,000 classifications.

In order to claim a vat refund you will need 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 amply trained in various vat systems must 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 knowledge of eu vat and uk vat rules will definitely offer a distinct benefit to both you and your business.

If you want to import services or goods into the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the list 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 would be the same in most these countries.