If you wish to import services or goods from EU States or countries then you should first have the eu countries list that follow the system of vat or value added tax. This will help you to remain within the same taxation system, go in for vat refunds and also be beneficial https://vatcheck.com if you are planning to re-export some material back to those EU countries.
If your trading company is located in the UK then it’s very important to understand 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 will obviously need to pay customs duties, excise duties or import vat for your goods or services according to their classification as deemed by the UK revenue and customs department or hmrc vat department.
If you have already paid vat in most of the eu countries which are mentioned in the list then you can go 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 right vat form to finish the vat registration process, although you will need to submit documentary proof too. As soon as you get the unique vat no you may issue a vat invoice against each sale and charge the related vat rate to the 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 some specific territories within some countries that do not follow vat. Each EU country has been assigned a specific code and follows a particular vat number format. Vat invoices are also prepared in each country in their own language. For example, Poland issues a faktura vat, that is their version of the vat invoice.
If you want to reclaim vat paid in another country then your simplest way forward should be to hire a vat agent that’s a professional in uk vat as well as eu vat rules. This will enable you to file your vat returns correctly and within the stipulated time period while also doing exactly the same when claiming vat refunds in the country of origin. It is also important to study various classifications in customs, excise and vat duties and also find out about vat exempt items so that your product costs are reduced in a legal manner. While duty rates could be different within these eu countries, the fact that they all follow vat will surely reduce paperwork and help you with your cost calculations.
Most eu countries follow vat and this also factor ought to be noted if you’re going to import goods or services to the UK or in some other vat friendly EU country. The eu countries list already mentioned should allow 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 definitely reclaim vat back.