Knowing the particular list of eu countries that follow vat might help cut costs
Starting an organization that is going to import goods or services to the UK can be tough in these competitive times but understanding the number of eu countries which observe vat may help save money. You may easily be in a position to track tax systems that are a lot like your while
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claiming vat refunds for previously paid vat abroad.
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 almost the same. The 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 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 the particular country may be refunded to you by that country when you file for a vat reclaim. This procedure can be handled by an expert vat agent who has offices in the United Kingdom as well as in other countries from which your imports come about. Moreover, should you have attended trade events inside a eu country and also have paid vat for the very 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.
If 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 UK 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 products and services which are vat exempt. The hmrc website offers the detailed list of such products and services that are split up into 14,000 classifications.
To be able to claim a vat refund you will have to preserve and submit all original vat documents together with your vat certificate too. While procedures and language in various countries might pose a problem, a vat agent amply trained in various vat systems must be able to recover your hard earned money back into your bank account. Additionally, there are different deadlines within eu countries for submitting a vat reclaim and therefore having an in-depth knowledge of eu vat and uk vat rules will certainly provide a distinct benefit to both you and your business.
If you want to import services or goods into the UK then choosing eu countries that follow vat would offer several distinct advantages. Knowing the list of eu countries that follow vat can certainly help save money and also offer simplicity of operation as the system for paying and collecting vat will be the same in most these countries.
