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

Starting a business that needs to import goods or services into the UK can be tough during these competitive times but understanding the number of eu countries that observe vat may help reduce costs. You may definitely be in a position to track tax systems which 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 follow the system of value-added tax. Even though the language used in the vat invoice might differ in addition to vat rates, the system followed is virtually exactly the same. This list of countries in 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 list of eu countries have however opted to stay out of the vat gambit. You can go to the hmrc vat or hm revenue and customs website to read about such territories vat validation.

One major advantage you have when importing goods from such eu countries is that any vat that you might have paid in a particular country can 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 who has offices in the United Kingdom as well as in 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 same then such vat amounts can also be recovered back. This vat refund can surely help shore up your business bottom line while suitably cutting your product costs.

If 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 in the stipulated time period. Vat rates in the United Kingdom 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 services and products which are vat exempt. The hmrc website provides the detailed list of such services and products 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 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 must be able to recover your hard earned cash back to your bank account. There are also different deadlines within eu countries for filing for a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will definitely offer a distinct advantage to both you and your business vat verification.

If you wish to import goods or services to 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 save money as well as offer ease of operation because the system for paying and collecting vat will be the same in all these countries.