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 will help you to remain within the same taxation system, go in for vat refunds plus be beneficial vat check if you plan to re-export some material back to those EU countries.
If your trading company is located in the UK then it is extremely important to understand fellow EU countries that also follow vat simply because this will continue uniformity in taxation and simplify your paperwork whenever you import items from such countries. You will obviously have 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 in the list then you can go for vat reclaim as soon as you sell goods in the local market at prevailing vat rates. However, before you start selling your goods and charging vat on the same you will have to become a vat registered trader. The hmrc vat department offers several vat online services and you could simply download the right vat form to complete the vat registration process, although you will have to submit documentary proof too. Once you get your unique vat no you may 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 is assigned a particular code and follows a specific 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 a vat invoice.
If you wish to reclaim vat paid in a foreign country then your simplest way forward should be to hire a vat agent that’s an expert in uk vat in addition to eu vat rules. This will enable you to file your vat returns correctly and within the stipulated time frame while also doing exactly 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 and also learn more about vat exempt items so that your product costs are reduced in a legal manner. While duty rates could be different in these eu countries, the fact that they all follow vat will certainly reduce paperwork and assist you with your cost calculations.
Most eu countries follow vat and this factor ought to be noted if you’re going to import goods or services 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 permitting you to reclaim vat back.