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


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Starting a business that is going to import goods or services into the UK can be difficult during these competitive times but understanding the number of eu countries which follow vat can help save money. You will easily be able to track tax systems which 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 vat. Although the language employed in the vat invoice might differ along with vat rates, the system followed is virtually exactly the same. This list of countries in the European Union 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 vatregistrationnumber.com 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 the particular country can be refunded to you by that country once you apply for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the UK as well as in other countries from where your imports take place. Moreover, should you have attended trade shows inside a eu country and 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 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 frame. 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’s also specific products and services which are vat exempt. The hmrc website offers a detailed set of such products and services which are put into 14,000 classifications.

In order to claim a vat refund you will need to preserve and submit all original vat documents together with your vat certificate too. While procedures and language in various countries might pose a problem, a vat agent well versed in various vat systems should be able to recover your hard earned money back to your bank account. Additionally, there are different time limits within eu countries for filing for 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 want 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 save money and also offer simplicity of operation because the system for paying and collecting vat would be the same in most these countries.