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


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Starting an organization that is going to import services or goods to the UK can be difficult in these competitive times but knowing the number of eu countries which observe vat can help reduce costs. You may definitely be in a position to track tax systems which are similar to your while claiming vat refunds for previously paid vat abroad.

There are several countries in the eu which 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 virtually http://vatcheck.com 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 visit the hmrc vat or hm revenue and customs web site 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 can be refunded to your account 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 as well as in other countries from which your imports come about. In addition, should you have attended trade shows inside a eu country and also have paid vat for the very same then such vat amounts may also be recovered back. This vat refund can surely help shore up your business net profit while suitably lowering your product costs.

If 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 are also specific services and products which are vat exempt. The hmrc website provides the detailed set of such services and products 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 together with your vat certificate too. While procedures and language in various countries might pose problems, a vat agent well versed in several vat systems should be able to recover your hard earned cash back into your account. Additionally, there are different time limits 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.

If you want 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 and also offer simplicity of operation as the system for paying and collecting vat will be the same in all these countries.