If you wish to import goods or services 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 stay in the same taxation system, go in for vat refunds plus be beneficial www.vatcheck.com if you plan to re-export some material back into those EU countries.
In case your trading company is based in the UK then it’s extremely important to know about fellow EU countries which follow vat since this will continue uniformity in taxation and simplify your paperwork whenever you import items from such countries. You will of course need to pay customs duties, excise duties or import vat on your goods or services 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 most of the eu countries which are mentioned from 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 begin selling your goods and charging vat on the very same you will need to become a vat registered trader. The hmrc vat department offers several vat online services and you could simply download the appropriate vat form to finish the vat registration process, even though you will need 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 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 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 the vat invoice.
If you wish 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 likely enable 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. It is also imperative that you study various classifications in customs, excise and vat duties as well as learn more about vat exempt items so 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 surely reduce paperwork and help you with your cost calculations.
Most eu countries follow vat and this also factor should certainly be noted if you plan to import services or goods into the UK or perhaps 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 definitely reclaim vat back.