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Being aware of the set of eu countries that follow vat can help cut costs


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

There are several countries from the eu that also follow the system of value-added tax. Although the language employed in the vat invoice might differ along with vat rates, the system followed is virtually exactly the same. The 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 vatnumbersearch list of eu countries have however opted to remain 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 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 your account 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 UK along with other countries from which your imports come about. In addition, should you have attended trade events inside a eu country and also have paid vat for the same then such vat amounts can also be recovered back. This vat refund can surely help shore increase 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 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 are also specific services and products which are vat exempt. The hmrc website offers the detailed list of such products and services 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 including your vat certificate too. While procedures and language in several countries might pose a problem, a vat agent amply trained in several vat systems should be able to recover your hard earned money back to your bank account. There are also different deadlines within eu countries for filing for a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will certainly offer a distinct benefit to both you and your business.

If you want 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 will help reduce costs and also offer simplicity of operation because the system for paying and collecting vat will be the same in all these countries.