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

Starting an organization that is going to import goods or services into the UK can be tough during these competitive times but knowing the number of eu countries that observe vat can help save money. You will easily 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 which follow the system of value-added tax. Even though the language used in the vat invoice might differ www.vatnumbers.com in addition to vat rates, the system followed is virtually exactly the same. This list of countries in the European Union 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 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 web site to find out about such territories.

One major advantage that you have when importing goods from such eu countries is any vat that you might have paid in the particular country can be refunded to you by that country once you apply for a vat reclaim. This process can be handled by a professional vat agent who has offices in the UK as well as in other countries from which your imports come about. In addition, if you have attended trade shows 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 up your business net profit while suitably cutting your product costs.

Should 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 United Kingdom range from 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 that are vat exempt. The hmrc website provides the detailed set of such products and services that are put into 14,000 classifications.

In order to claim a vat refund you will have 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 amply trained in several vat systems must be able to recover your hard earned money back to your account. Additionally, there are different time limits in different eu countries for filing for 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 want to import goods or services into 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 reduce costs and also offer ease of operation because the system for paying and collecting vat will be the same in all these countries.