If you want 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 for vat refunds plus be beneficial vatcheck.com if you plan to re-export something back into those EU countries.
If your trading company is located 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 when you import items from such countries. You will obviously 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 any of the eu countries which are mentioned from the list then you can go in 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 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. As soon as 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 do not follow vat. Each EU country is assigned a specific code and follows a specific 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 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 is an expert in uk vat as well as eu vat rules. This will likely enable you to file your vat returns correctly and in the stipulated time period whilst doing exactly the same when claiming vat refunds in the country of origin. Additionally it is important to 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 each of them follow vat will certainly 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 goods or services to the UK or perhaps 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 definitely import products while avoiding the issue of double taxation by permitting you to definitely reclaim vat back.