If you want 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 should help you to remain within the same taxation system, go for vat refunds and also benefit you if you are planning to re-export something back to those EU countries.
In case your trading company is located in the UK then it is very important to know about fellow EU countries which follow vat simply because this will continue uniformity in taxation and simplify your paperwork when you import items from such countries vat registration number. You will of course have 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.
For those who have already paid vat in most of the eu countries which are mentioned in the list then you can go for vat reclaim once 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. Once 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 don’t follow vat. Each EU country has been assigned a particular code and follows a particular vat number format. Vat invoices are also prepared in each country in its own language. For instance, Poland issues a faktura vat, that is their version of the vat invoice.
If you wish to reclaim vat paid in another country then the 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 enable you to file your vat returns correctly and in the stipulated time period whilst doing the same when claiming vat refunds in the nation of origin go here. It is also imperative that you study various classifications in customs, excise and vat duties and also learn more about vat exempt items so your product cost is reduced in a legal manner. While duty rates might be different in these eu countries, the fact each of them follow vat will certainly reduce paperwork and assist 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 in some other vat friendly EU country. The eu countries list mentioned above should allow you to identify countries that follow vat and allow you to import products while avoiding the problem of double taxation by permitting you to definitely reclaim vat back.
