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

Starting an organization that needs to import services or goods into the UK can be difficult during these competitive times but knowing the range of eu countries which observe vat may help reduce costs. You will easily be able to track tax systems which are similar to your own while


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claiming vat refunds for previously paid vat in other countries.

There are many countries from the eu which follow the system of value-added tax. Even though the language employed in the vat invoice might differ along with vat rates, the system followed is virtually exactly 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 particular set of eu countries have however opted to stay out from 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 that you have when importing goods from such eu countries is that any vat which you may have paid in the particular country can be refunded to your account by that country once you file for a vat reclaim. This process can be handled by an expert vat agent that has offices in the UK along with other countries from where your imports take place. Moreover, should you have attended trade events inside a eu country and also 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 lowering your product costs.

Should you hire an expert vat, customs duties, and excise duties agent then that agent will also help calculate sales vat rates as well as file your vat returns in the stipulated time period. Vat rates in the United Kingdom 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 offers a detailed list of such products and services which 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 several countries might pose a problem, a vat agent well versed in several vat systems should be able to recover your hard earned money back to your account. There are also different deadlines within 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 advantage to you and your business.

If you wish to import goods or services to the UK then opting for eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat will help save money and also offer simplicity of operation as the system for paying and collecting vat would be the same in all these countries.