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 Vatnumbersearch-com. This should help you to remain within the same taxation system, go for vat refunds and also be beneficial if you are planning to re-export something back to those EU countries.
In case your trading company is based in the UK then it’s very important to understand fellow EU countries which follow vat since this will continue uniformity in taxation and simplify your paperwork when you import items from such countries. You will of course have to pay customs duties, excise duties or import vat for your goods or services based on 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 which are mentioned from 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 very same you will need 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 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 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 specific vat number format. Vat invoices may also be 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 want to reclaim vat paid in a foreign country then the best way forward should be to hire a vat agent that’s an expert in uk vat in addition to eu vat rules. This will allow you to file your vat returns correctly and in the stipulated time frame while also 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 and also learn more about vat exempt items so that your product cost is 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 help you with your cost calculations.
Most eu countries follow vat and this factor should certainly be noted if you plan to import goods or services to the UK or perhaps some other vat friendly EU country. The eu countries list already mentioned should allow you to identify countries that follow vat and allow you to definitely import products while avoiding the issue of double taxation by permitting you to definitely reclaim vat back.