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Being aware of the particular set of eu countries that follow vat might help save money


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Starting a business that is going to import services or goods to the UK can be tough in these competitive times but understanding the number of eu countries which follow vat can help reduce costs. You may definitely be in a position to track tax systems that are a lot like your while also claiming vat refunds for previously paid vat abroad.

There are many countries in the eu which adhere to the system of vat. Although the language employed in the vat invoice might differ along with vat rates, the system followed is virtually the same. The list of countries in 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 http://vatregistrationnumber.com list of eu countries have however opted to remain out from the vat gambit. You can visit 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 which you may have paid in a particular country can be refunded to you by that country once you file for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the United Kingdom along with other countries from where your imports come about. Moreover, if 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 up your business bottom line while suitably cutting 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 within the stipulated time period. Vat rates in the United Kingdom 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 that are vat exempt. The hmrc website offers a detailed set 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 problems, a vat agent amply trained in various vat systems must be able to recover your hard earned cash back into your bank account. Additionally, there are 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 provide a distinct advantage to both you and your business.

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