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


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Starting an organization that is going to import goods or services into the UK can be difficult in these competitive times but knowing the number of eu countries which follow vat may help reduce costs Http://www.vatcontrol.com/vat/. You may easily be in a position to track tax systems which are similar to your while also claiming vat refunds for previously paid vat in other countries.

There are several countries from the eu that also adhere to the system of value-added tax. Even though the language employed in the vat invoice might differ along with vat rates, the system followed is almost the same http://vatcontrol.com/vat/. This 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 list 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 website to read about such territories.

One major advantage that you have when importing goods from such eu countries is any vat which you may have paid in a particular country may be refunded to you by that country when you apply for a vat reclaim. This process can be handled by an expert vat agent that has offices in the United Kingdom along with other countries from which 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 cutting your product costs.

Should you hire a specialist vat, customs duties, and excise duties agent then that agent can also help calculate sales vat rates and also file your vat returns within 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 services and products. 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 split up into 14,000 classifications.

In order to claim a vat refund you will have to preserve and submit all original vat documents including your vat certificate too. While procedures and language in various countries might pose problems, a vat agent amply trained in various vat systems must be able to recover your hard earned cash back to your account. There are also different time limits in different eu countries for submitting a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will certainly offer a distinct advantage to both you and your business.

If you wish to import services or goods to the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the listing of eu countries that follow vat will help reduce costs and also offer simplicity of operation because the system for paying and collecting vat would be the same in most these countries.