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

Starting a business that needs to import services or goods into the UK can be difficult during 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 a lot like your while also claiming vat refunds for previously paid vat in other countries.

There are many countries from the eu that also adhere to the system of value-added tax. Although the language employed in the vat invoice might differ in addition to vat rates, the system followed is almost the same. The 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 set 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 find out about such territories vat check.

One major advantage that 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 you by that country when you file for a vat reclaim. This procedure can be handled by a professional vat agent that has offices in the United Kingdom along with other countries from where your imports take place. In addition, should you have attended trade events inside a eu country and also have paid vat for the very 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 and also 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 services and products which are vat exempt. The hmrc website provides 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 together with your vat certificate too. While procedures and language in various countries might pose problems, a vat agent well versed in several vat systems must be able to recover your hard earned money back to your account. There are also different deadlines in different eu countries for filing for a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will certainly offer a distinct benefit to both you and your business check vat number.

If you want to import services or goods 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 and also offer simplicity of operation because the system for paying and collecting vat would be the same in most these countries.