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

Starting a business that needs to import services or goods into the UK can be tough in these competitive times but understanding the number of eu countries which observe vat can help reduce costs. You may definitely be in a position to track tax systems which are similar to your while also 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 employed in the vat invoice might differ in addition to vat rates, the system followed is almost the same. The 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 particular list 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 read about such territories vat verification.

One major advantage you have when importing goods from such eu countries is that any vat which you may have paid in a particular country can be refunded to you by that country when you apply for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the United Kingdom along with other countries from where your imports take place. Moreover, should you have attended trade shows in 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 lowering 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 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 products and services which are vat exempt. The hmrc website offers a detailed list 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 several countries might pose problems, a vat agent well versed in several vat systems must be able to recover your hard earned money back to your bank account. Additionally, there are 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 definitely provide a distinct benefit to you and your business vies.

If you want to import services or goods to the UK then opting for eu countries that follow vat would offer several distinct advantages. Having the listing of eu countries that follow vat can certainly help reduce costs as well as offer ease of operation because the system for paying and collecting vat would be the same in most these countries.