Knowing the list of eu countries that follow vat might help save money

Starting a business that needs to import goods or services to the UK can be tough in these competitive times but understanding the number of eu countries which observe vat may help reduce costs. 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 abroad.

There are several countries from the eu which follow the system of value-added tax. Even though the language used in the vat invoice might differ along with vat rates, the system followed is almost the same. This list of countries within the EU 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 vat registration number 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 website to read about such territories.

One major advantage that you have when importing goods from such eu countries is any vat that you might have paid in a particular country can be refunded to your account by that country when you apply for a vat reclaim. This process can be handled by a professional vat agent that has offices in the UK along with other countries from which your imports take place. In addition, should you have attended trade events inside a eu country and also have paid vat for the same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business net profit while suitably lowering 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 within 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 products and services that are split up into 14,000 classifications.

To be able to claim a vat refund you will need 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 amply trained in several vat systems must be able to recover your hard earned cash back into your account. There are also 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 certainly offer a distinct advantage to you and your business.

If you want to import services or goods into the UK then choosing eu countries that follow vat would offer several distinct advantages. Having the listing 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.