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


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

There are many countries in the eu that also adhere to the system of value-added tax. Even though 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 in the EU which 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 vat validation 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 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 procedure can be handled by an expert vat agent that has offices in the UK as well as in other countries from which your imports take place. Moreover, if you have attended trade events inside 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 net profit while suitably cutting your product costs.

If you hire an expert 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 United Kingdom 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 products and services which are vat exempt. The hmrc website provides a detailed set of such products and services that are put 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 a problem, a vat agent well versed in various vat systems should be able to recover your hard earned cash back into your account. There are also 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 provide a distinct advantage to you and your business.

If you want to import goods or services 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 as well as offer ease of operation as the system for paying and collecting vat will be the same in most these countries.