If you wish to import services or goods 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 stay in the same taxation system, go in for vat refunds plus be beneficial https://vatcheck.com if you plan to re-export some material back into those EU countries.
In case your trading business is located in the UK then it’s extremely important to understand 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 will obviously 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 that are mentioned from the list you’ll be able to go for vat reclaim once you sell the goods in the local market at prevailing vat rates. However, before you start selling your goods and charging vat on the very same you will have to become a vat registered trader. The hmrc vat department offers several vat online services and you can simply download the appropriate vat form to complete the vat registration process, even though you will need to submit documentary proof too. Once you get your 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 a few specific territories within some countries that do not follow vat. Each EU country has been assigned a particular code and follows a specific 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 a vat invoice.
If you want to reclaim vat paid in a foreign country then your best way forward should be to hire a vat agent that’s 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 frame whilst doing exactly the same when claiming vat refunds in the country of origin. Additionally it is imperative that you study various classifications in customs, excise and vat duties and also find out about vat exempt items so that your product cost is reduced in a legal manner. While duty rates might be different within 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’re going to import goods or services into the UK or in any other vat friendly EU country. The eu countries list already mentioned should help you to identify countries that follow vat and allow you to import products while avoiding the problem of double taxation by allowing you to definitely reclaim vat back.