Knowing the set of eu countries that follow vat might help cut costs

Starting a business that needs to import services or goods to the UK can be difficult during these competitive times but knowing the number of eu countries which observe vat may help save money. You may definitely be able to track tax systems that are similar to your own while also claiming vat refunds for previously paid vat abroad.

There are several countries in the eu which adhere to the system of value-added tax. Although the language used in the vat invoice might differ along with vat rates, the system followed is virtually 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 from the vat gambit. You can visit the hmrc vat or hm revenue and customs web site to find out about such territories search vat number.

One major advantage you have when importing goods from such eu countries is any vat which you may have paid in a particular country may be refunded to your account by that country once you file for a vat reclaim. This process can be handled by an expert vat agent that has offices in the United Kingdom as well as in other countries from which your imports take place. Moreover, should you have attended trade events in 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.

Should you hire a specialist vat, customs duties, and excise duties agent then that agent will also help calculate sales vat rates as well as file your vat returns within the stipulated time period. Vat rates in the UK range from 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 that are vat exempt. The hmrc website provides a detailed set of such services and products which are split up into 14,000 classifications.

To be able 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 within 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 vies.

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