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Knowing the list of eu countries that follow vat can help save money


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Starting a business that needs to import goods or services to the UK can be tough in these competitive times but understanding the range of eu countries which observe vat may help save money. You will definitely be able to track tax systems that are a lot like your own while claiming vat refunds for previously paid vat abroad.

There are many countries from the eu that also adhere to the system of vat. Although the language used in the vat invoice might differ in addition to vat rates, the system followed is virtually 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 vatregistrationnumber.com list 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 read about such territories.

One major advantage that you have when importing goods from such eu countries is that any vat that you might have paid in a particular country can be refunded to you by that country once you file for a vat reclaim. This procedure can be handled by an expert vat agent that has offices in the UK along with other countries from which your imports come about. In addition, should you have attended trade shows 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 increase business net profit while suitably cutting 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 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 are also specific services and products that 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 various vat systems must be able to recover your hard earned cash back into your 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 definitely offer a distinct benefit to you and your business.

If you wish to import services or goods to the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat can certainly help save money and also offer ease of operation because the system for paying and collecting vat would be the same in most these countries.