If you wish to import services or goods from EU States or countries then you certainly should first have the eu countries list that follow the system of vat or value added tax. This should help you to stay within the same taxation system, go for vat refunds and also benefit you vatcheck if you are planning to re-export some material back to those EU countries.
In case your trading business is based in the UK then it is extremely important to understand fellow EU countries which follow vat since this will continue uniformity in taxation and simplify your paperwork when you import items from such countries. You’ll of course have to pay customs duties, excise duties or import vat on your services or goods based on 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 for vat reclaim once you sell goods in the local market at prevailing vat rates. However, before you begin selling your goods and charging vat on the 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 complete the vat registration process, even though you will have to submit documentary proof too. As soon as you get the unique vat no then you can issue a vat invoice against each sale and charge the corresponding 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 its own language. For example, Poland issues a faktura vat, which is their version of a vat invoice.
If you wish to reclaim vat paid in another country then your simplest way forward would be to hire a vat agent that is a professional in uk vat in addition to eu vat rules. This will likely enable you to file your vat returns correctly and within the stipulated time frame while also doing exactly the same when claiming vat refunds in the nation of origin. Additionally it is important to study various classifications in customs, excise and vat duties as well as learn more 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 each of them follow vat will surely reduce paperwork and assist you with your cost calculations.
Most eu countries follow vat and this also factor ought to be noted if you plan to import services or goods into the UK or in any other vat friendly EU country. The eu countries list mentioned above should allow you to identify countries that follow vat and allow you to definitely import products while avoiding the issue of double taxation by permitting you to reclaim vat back.