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 remain in the same taxation system, go in for vat refunds plus benefit you vatcheck if you are planning to re-export some material back into those EU countries.
In case your trading company is based in the UK then it is extremely important to know about 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 will of course need to pay customs duties, excise duties or import vat for 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 most of the eu countries that are mentioned from the list you’ll be able to 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 same you will need to be a vat registered trader. The hmrc vat department offers several vat online services and you could simply download the right vat form to finish the vat registration process, even though you will need 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 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 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 their own language. For instance, Poland issues a faktura vat, that is their version of the vat invoice.
If you want to reclaim vat paid in a foreign country then the simplest way forward would be to hire a vat agent that is an expert in uk vat in addition to eu vat rules. This will allow you to file your vat returns correctly and in the stipulated time frame while also doing exactly the same when claiming vat refunds in the nation 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 your product cost is reduced in a legal manner. While duty rates could be different in these eu countries, the fact 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 plan to import services or goods into the UK or perhaps any other vat friendly EU country. The eu countries list already mentioned should allow you to identify countries that follow vat and permit you to import products while avoiding the problem of double taxation by allowing you to definitely reclaim vat back.