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

Starting a business that needs to import services or goods into the UK can be tough in these competitive times but knowing the number of eu countries that observe vat can help reduce costs. You will easily be able to track tax systems which are similar to your own while claiming vat refunds for previously paid vat abroad.

There are several countries in the eu which follow the system of vat. Even though the language used in the vat invoice might differ in addition to vat rates, the system followed is almost vatcheck.com 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 particular list of eu countries have however opted to remain out from the vat gambit. You can go to the hmrc vat or hm revenue and customs web site to find out about such territories.

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 may be refunded to your account by that country when you file for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the UK along with other countries from where your imports come about. In addition, if you have attended trade events inside a eu country and 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.

If 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 frame. Vat rates in the UK range from 17.5% for standard vat rates to 5% for reduced vat rates to zero vat rates for specific services and products. There’s also specific products and services which are vat exempt. The hmrc website offers the detailed set of such products and services that 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 amply trained in various vat systems should be able to recover your hard earned money back into your bank account. There are also different deadlines in different eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will definitely offer a distinct benefit to you and your business.

If you want to import goods or services into the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat will help reduce costs as well as offer ease of operation because the system for paying and collecting vat will be the same in most these countries.