Knowing the list of eu countries that follow vat can help save money

Starting a business that needs to import goods or services into the UK can be tough in these competitive times but understanding the range of eu countries that follow vat can help save money. You may easily be able to track tax systems that are similar to your while also claiming vat refunds for previously paid vat in other countries.

There are many countries from the eu which follow the system of vat. Even though the language employed in the vat invoice might differ along with vat rates, the system followed is almost exactly the same. The 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 vatregistrationnumber 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 find out about such territories.

One major advantage you have when importing goods from such eu countries is any vat which you may have paid in the particular country may be refunded to your account by that country when you apply for a vat reclaim. This procedure 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, if you have attended trade events in a eu country and have paid vat for the same then such vat amounts can 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 will also help calculate sales vat rates as well as file your vat returns within 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 services and products. There are also specific services and products that are vat exempt. The hmrc website provides the detailed set of such services and products which are split up into 14,000 classifications.

In order 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 well versed in several vat systems must be able to recover your hard earned cash back into your account. Additionally, there are different deadlines within eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will definitely provide a distinct advantage to you and your business.

If you want to import services or goods into the UK then choosing 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 because the system for paying and collecting vat will be the same in most these countries.