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Being aware of the particular list of eu countries that follow vat can help save money


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Starting an organization that is going 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 can help save money. You may definitely be able to track tax systems that are similar to your while also claiming vat refunds for previously paid vat in other countries.

There are many countries from the eu that also follow the system of vat. Even though the language used in the vat invoice might differ along with vat rates, the system followed is virtually exactly the same. 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 vatvalidation set 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 web site to find out about such territories.

One major advantage that you have when importing goods from such eu countries is that any vat that you might have paid in the particular country may 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 who has offices in the UK along with other countries from which your imports take place. In addition, should you have attended trade events in a eu country and have paid vat for the same then such vat amounts may also be recovered back. This vat refund can surely help shore increase business bottom line 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 frame. 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 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.

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 several countries might pose problems, a vat agent well versed in various vat systems should be able to recover your hard earned money back into your bank account. There are also different time limits within eu countries for submitting a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will definitely offer a distinct advantage to both you and your business.

If you want to import goods or services into 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 reduce costs as well as offer simplicity of operation as the system for paying and collecting vat would be the same in all these countries.