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Being aware of the particular set of eu countries that follow vat might help save money


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Starting an organization that needs to import services or goods into the UK can be difficult during these competitive times but knowing the range of eu countries which follow vat can help reduce costs. You may definitely be able to track tax systems that are similar to your while also claiming vat refunds for previously paid vat abroad.

There are many countries from the eu that also adhere to the system of vat. Even though the language employed in the vat invoice might differ in addition to vat rates, the system followed is virtually vatcheck the same. The list of countries within 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 set 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 read about such territories.

One major advantage you have when importing goods from such eu countries is that any vat which you may have paid in the particular country can be refunded to you 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 along with other countries from where your imports take place. In addition, if you have attended trade shows in 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 up your business net profit while suitably lowering 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 UK range from 17.5% for standard vat rates to 5% for reduced vat rates to zero vat rates for specific services and products. There’s also specific products and services which are vat exempt. The hmrc website offers a detailed list of such products and services that are split up 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 a problem, a vat agent well versed in several vat systems must be able to recover your hard earned money back to your account. There are also different deadlines in different eu countries for submitting a vat reclaim and thus 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. Having 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 all these countries.