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

Starting an organization that is going to import goods or services to the UK can be tough in these competitive times but understanding the number of eu countries which follow vat can help reduce costs. You may definitely be able to track tax systems which are similar to your while also claiming vat refunds for previously paid vat in other countries.There are several countries from the eu which adhere to the system of vat. Although the language used in the vat invoice might differ www.vatnumbers.com along with vat rates, the system followed is almost the same. This list of countries in the EU 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 list of eu countries have however opted to remain out of the vat gambit. You can go to the hmrc vat or hm revenue and customs web site to read about such territories.

One major advantage that you have when importing goods from such eu countries is that any vat which you may have paid in the particular country can be refunded to your account by that country once you apply for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the United Kingdom along with other countries from which your imports take place. In addition, if you have attended trade shows in a eu country and also 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 lowering 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 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 services and products. There are also specific products and services that are vat exempt. The hmrc website provides a 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 have to preserve and submit all original vat documents together with your vat certificate too. While procedures and language in several countries might pose a problem, a vat agent well versed in several vat systems should be able to recover your hard earned money back to your bank account. There are also different time limits within eu countries for submitting a vat reclaim and thus having an in-depth knowledge of eu vat and uk vat rules will definitely provide a distinct benefit to both you and your business.

If you wish to import services or goods to the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat can certainly help reduce costs and also offer simplicity of operation as the system for paying and collecting vat will be the same in most these countries.