Knowing the set of eu countries that follow vat might help save money

Starting a business that needs to import services or goods into the UK can be tough during these competitive times but knowing the number of eu countries that observe vat may help reduce costs. You may definitely be in a position to track tax systems which are a lot like your while also


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claiming vat refunds for previously paid vat in other countries.

There are many countries from the eu that also adhere to the system of value-added tax. Even though the language employed in the vat invoice might differ along with vat rates, the system followed is almost exactly the same. 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 remain out of the vat gambit. You can go to the hmrc vat or hm revenue and customs web site to read 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 once you file for a vat reclaim. This process can be handled by an expert vat agent that has offices in the United Kingdom as well as in other countries from which your imports come about. Moreover, should you have attended trade shows in 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 an expert vat, customs duties, and excise duties agent then that agent will also help calculate sales vat rates as well as file your vat returns within 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 services and products that are vat exempt. The hmrc website offers 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 have 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 amply trained in several vat systems should be able to recover your hard earned money back to your bank account. Additionally, there are different time limits in different eu countries for submitting a vat reclaim and therefore having an in-depth understanding of eu vat and uk vat rules will definitely provide a distinct benefit to both you and your business.

If you wish 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 will help save money and also offer ease of operation because the system for paying and collecting vat will be the same in most these countries.