If you want to import goods or services from EU States or countries then you should first get 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 for vat refunds plus be beneficial if you are planning to re-export something back into those EU countries.
In case your trading business is based in the UK then it is extremely important to know about fellow EU countries which 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 have 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 from the list you'll be able to go for vat reclaim as soon as you sell goods in the local market at prevailing vat rates. However, before you begin selling your goods and charging vat on the very same you will have 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, although you will need to submit documentary proof too. As soon as you get your unique vat no then you can issue a vat invoice against each sale and charge the corresponding 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 some specific territories within some countries that do not follow vat. Each EU country has been assigned a specific code and follows a specific 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 a vat invoice.
If you wish to reclaim vat paid in another country then your best way forward should be to hire a vat agent that is a professional in uk vat as well as eu vat rules. This will likely allow 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 as well as learn more about vat exempt items so that your product cost is reduced in a legal manner. While duty rates could be different within these eu countries, the fact that each of them follow vat will surely reduce paperwork and help you with your cost calculations.
Most eu countries follow vat and this factor should certainly be noted if you're going to import services or goods to the UK or perhaps some other vat friendly EU country. The eu countries list already mentioned should help you to identify countries that follow vat and allow you to definitely import products while avoiding the issue of double taxation by allowing you to definitely reclaim vat back.