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


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Starting an organization that needs to import goods or services to the UK can be tough in these competitive times but understanding the number of eu countries which follow vat may help reduce costs Http://www.vatcontrol.com/vat/. You may definitely be in a position to track tax systems that are similar to your own while also claiming vat refunds for previously paid vat in other countries.

There are several countries in the eu that also follow the system of value-added tax. Even though the language employed in the vat invoice might differ in addition to vat rates, the system followed is virtually exactly the same Http://vatcontrol.com/vat/. This list of countries in the EU 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 particular 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 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 can be refunded to your account by that country when you apply for a vat reclaim. This process can be handled by an expert vat agent who has offices in the United Kingdom along with other countries from which your imports come about . In addition, should you have attended trade shows 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 cutting your product costs.

Should 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 are also specific services and products that are vat exempt. The hmrc website provides a detailed set of such products and services that are split up 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 a problem, a vat agent well versed in various vat systems must be able to recover your hard earned cash back into your account. There are also different deadlines in different eu countries for submitting a vat reclaim and thus having an in-depth understanding of eu vat and uk vat rules will certainly provide a distinct advantage to both you and your business.

If you want to import goods or services to the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the listing of eu countries that follow vat can certainly help reduce costs and also offer simplicity of operation because the system for paying and collecting vat would be the same in most these countries.