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

Starting an organization that needs to import services or goods to the UK can be tough in these competitive times but knowing the number of eu countries which follow vat may help reduce costs Www.vatcontrol.com/vat/. You may 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 in 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 virtually the same http://vatcontrol.com/vat/. This list of countries in the European Union which 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 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 find out 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 the particular country may be refunded to your account by that country when you file for a vat reclaim. This process can be handled by an expert vat agent who has offices in the UK along with other countries from where your imports come about . Moreover, if you have attended trade events inside 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 net profit while suitably cutting your product costs.

If you hire a specialist 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 products and services. There’s also specific products and services which are vat exempt. The hmrc website provides the detailed set of such products and services 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 various countries might pose problems, a vat agent well versed in various vat systems should be able to recover your hard earned cash back into your account. Additionally, there are different time limits within eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will certainly offer a distinct advantage 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. Knowing the list of eu countries that follow vat will help reduce costs as well as offer ease of operation as the system for paying and collecting vat would be the same in most these countries.