If you want to import goods or services from EU States or countries then you certainly should first get the eu countries list that follow the system of vat or value added tax. This should help you to stay in the same taxation system, go in for vat refunds and also be beneficial vatcheck.com if you plan to re-export some material back into those EU countries.
In case your trading business is located in the UK then it is extremely important to know about fellow EU countries that also follow vat simply because this will continue uniformity in taxation and simplify your paperwork whenever you import items from such countries. You’ll of course need to pay customs duties, excise duties or import vat for your services or goods according to their classification as deemed by the UK revenue and customs department or hmrc vat department.
For those who have already paid vat in any of the eu countries that are mentioned in the list you’ll be able to go in for vat reclaim as soon as you sell the goods in the local market at prevailing vat rates. However, before you start selling your goods and charging vat on the very same you will need to be a vat registered trader. The hmrc vat department offers several vat online services and you can simply download the appropriate vat form to complete the vat registration process, even though you will have to submit documentary proof too. Once you get your unique vat no you may issue a vat invoice against each sale and charge the related vat rate to your clients in the local market.
The hmrc website features the eu countries list that follows the system of vat. These countries are Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, and Sweden. However, there are a few specific territories within some countries that do not follow vat. Each EU country is assigned a particular code and follows a particular vat number format. Vat invoices may also be prepared in each country in its own language. For example, Poland issues a faktura vat, which is their version of the vat invoice.
If you wish to reclaim vat paid in another country then the best way forward should be to hire a vat agent that’s a professional in uk vat in addition to eu vat rules. This will likely allow you to file your vat returns correctly and in the stipulated time period whilst doing the same when claiming vat refunds in the country of origin. Additionally it is imperative that you study various classifications in customs, excise and vat duties and also learn more about vat exempt items so that your product costs are reduced in a legal manner. While duty rates might be different within these eu countries, the fact that they all follow vat will certainly reduce paperwork and help you with your cost calculations.
Most eu countries follow vat and this factor ought to be noted if you plan to import goods or services to the UK or in some other vat friendly EU country. The eu countries list mentioned above should help you to identify countries that follow vat and allow you to definitely import products while avoiding the problem of double taxation by allowing you to reclaim vat back.