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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 an organization that is going to import goods or services into the UK can be difficult in these competitive times but understanding the range of eu countries that observe vat can help save money. You will easily be able to track tax systems that are similar to your own while claiming vat refunds for previously paid vat in other countries.There are many countries in the eu which adhere to the system of vat. Although the language used in the vat invoice might differ http://vatnumbers.com in addition to vat rates, the system followed is almost the same. This list of countries in 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 of the vat gambit. You can visit the hmrc vat or hm revenue and customs web site to find out about such territories.

One major advantage you have when importing goods from such eu countries is that any vat which you may have paid in a particular country can be refunded to you by that country when you file for a vat reclaim. This procedure can be handled by a professional vat agent that has offices in the UK along with other countries from where your imports come about. Moreover, if you have attended trade events in 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 up your 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 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’s also specific products and services that are vat exempt. The hmrc website offers the detailed set of such products and services which are put into 14,000 classifications.

In order 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 well versed in several vat systems should be able to recover your hard earned cash back to your account. Additionally, there are different time limits within eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will definitely offer a distinct advantage to you and your business.

If you want to import services or goods to 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 and also offer simplicity of operation because the system for paying and collecting vat will be the same in most these countries.