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

Starting a business that is going to import goods or services into the UK can be difficult in these competitive times but understanding the number of eu countries which follow vat may help save money. You may easily be able to track tax systems which are a lot like your own while also claiming vat refunds for previously paid vat in other countries.

There are several countries in the eu that also adhere to the system of value-added tax. Although the language used in the vat invoice might differ along with vat rates, the system followed is virtually exactly the same. This list of countries within the European Union 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 particular www.vatregistrationnumber.com 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 web site to read about such territories.

One major advantage you have when importing goods from such eu countries is that any vat which you may have paid in a particular country may be refunded to you by that country once you file for a vat reclaim. This process can be handled by a professional vat agent who has offices in the United Kingdom along with other countries from where your imports take place. Moreover, should you have attended trade shows in 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 increase business bottom line while suitably cutting your product costs.

If you hire an expert vat, customs duties, and excise duties agent then that agent can also help calculate sales vat rates and also file your vat returns in the stipulated time period. 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 that 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 need 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 various vat systems should be able to recover your hard earned money back to your bank account. Additionally, there are different deadlines in different eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will certainly 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. Having the listing of eu countries that follow vat can certainly help reduce costs and also offer simplicity of operation because the system for paying and collecting vat will be the same in most these countries.