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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 goods or services to the UK can be difficult during these competitive times but understanding the number of eu countries which follow vat may help reduce costs. You will definitely be able to track tax systems which are similar to your own while claiming vat refunds for previously paid vat abroad.There are many countries in the eu which adhere to the system of value-added tax. Although the language employed in the vat invoice might differ vatnumbers.com along with vat rates, the system followed is virtually exactly the same. This list of countries in 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 set of eu countries have however opted to stay out of the vat gambit. You can visit 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 the particular country can be refunded to your account by that country once you apply for a vat reclaim. This process can be handled by a professional vat agent that has offices in the United Kingdom as well as in other countries from where your imports take place. Moreover, should you have attended trade events in 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 increase 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 in the stipulated time frame. 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 products and services. There’s also specific products and services which are vat exempt. The hmrc website provides the detailed set of such products and services that are split up into 14,000 classifications.

To be able 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 several countries might pose a problem, a vat agent amply trained in various vat systems should be able to recover your hard earned money back to your account. There are also different time limits within eu countries for filing for a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will definitely provide 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. Knowing the list of eu countries that follow vat can certainly 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.