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

Starting an organization that is going to import services or goods to the UK can be difficult in these competitive times but knowing the range of eu countries that follow vat can help save money. You may definitely be able to track tax systems which are similar to your own while
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claiming vat refunds for previously paid vat in other countries.

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 along with vat rates, the system followed is virtually 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 set of eu countries have however opted to remain out from the vat gambit. You can visit the hmrc vat or hm revenue and customs website to find out 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 file 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 which your imports take place. In addition, if you have attended trade shows inside a eu country and have paid vat for the same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business bottom line while suitably lowering 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 as well as file your vat returns in 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 products and services. There are also specific services and products 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 need to preserve and submit all original vat documents including your vat certificate too. While procedures and language in several countries might pose problems, a vat agent well versed in several vat systems must be able to recover your hard earned money back into your account. There are also different time limits in different eu countries for filing for a vat reclaim and therefore having an in-depth understanding 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 to the UK then opting for eu countries that follow vat would offer several distinct advantages. Having the list of eu countries that follow vat will help reduce costs and also offer ease of operation as the system for paying and collecting vat would be the same in most these countries.