Knowing the list of eu countries that follow vat can help cut costs

Starting an organization that needs to import goods or services to the UK can be difficult during these competitive times but understanding the number of eu countries that follow vat can help reduce costs. You will definitely be able to track tax systems that 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 adhere to the system of vat. Although the language employed in the vat invoice might differ along with vat rates, the system followed is virtually exactly the same. This list of countries within the European Union 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 particular vatvalidation.com set of eu countries have however opted to stay out from 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 when you apply 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 come about. Moreover, if you have attended trade shows inside a eu country and 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 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 period. 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 products and services which are vat exempt. The hmrc website provides the 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 together with your vat certificate too. While procedures and language in various countries might pose a problem, a vat agent amply trained in several vat systems should be able to recover your hard earned money back to your account. There are also different deadlines within eu countries for submitting a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will definitely offer a distinct advantage to you and your business.

If you want 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 save money and also offer simplicity of operation because the system for paying and collecting vat will be the same in most these countries.