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

Starting a business that is going to import services or goods into the UK can be tough during these competitive times but knowing the number of eu countries that follow vat may help reduce costs Http://www.vatcontrol.com/vat/. You will definitely be able to track tax systems that are similar to your while claiming vat refunds for previously paid vat abroad.

There are many countries from the eu which follow the system of vat. Even though the language used in the vat invoice might differ along with vat rates, the system followed is almost the same vatcontrol.com/vat/. 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 list of eu countries have however opted to remain out of the vat gambit. You can visit the hmrc vat or hm revenue and customs website to read about such territories.

One major advantage you have when importing goods from such eu countries is any vat which you may have paid in the particular country may be refunded to you by that country when you apply for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the United Kingdom as well as in other countries from which your imports take place . In addition, should you have attended trade shows in 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 increase business net profit 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 and also file your vat returns within 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 which are vat exempt. The hmrc website provides the detailed list of such products and services which are put into 14,000 classifications.

To be able 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 various countries might pose a problem, a vat agent amply trained in several vat systems should be able to recover your hard earned money back into your account. Additionally, there are different deadlines within eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will definitely provide a distinct advantage to you and your business.

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