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


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

There are many countries in the eu that also follow the system of vat. Even though the language employed in the vat invoice might differ in addition to vat rates, the system followed is almost exactly the same. This 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 list of eu countries have however opted to remain out of the vat gambit. You can go to the hmrc vat or hm revenue and customs website to find out about such territories vat control.

One major advantage you have when importing goods from such eu countries is any vat that you might have paid in a particular country can be refunded to your account by that country when you file for a vat reclaim. This process can be handled by an expert vat agent that has offices in the UK along with other countries from where your imports take place. In addition, should you have attended trade shows 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 up your business bottom line 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 and also file your vat returns within the stipulated time frame. Vat rates in the United Kingdom 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 products and services that are vat exempt. The hmrc website provides a detailed list of such products and services that are put 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 various countries might pose a problem, a vat agent well versed in several vat systems must be able to recover your hard earned money back into your account. There are also different deadlines in different eu countries for filing for a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will definitely offer a distinct benefit to both you and your business vat number.

If you wish to import goods or services to the UK then opting for eu countries that follow vat would offer several distinct advantages. Having the listing 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 would be the same in all these countries.