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 will help you to remain within the same taxation system, go in for vat refunds and also benefit you if you are planning to re-export some material back to those EU countries.
In case your trading company is located in the UK then it is 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 vatregistrationnumber. You will of course need to pay customs duties, excise duties or import vat for your services or goods according to their classification as deemed by the UK revenue and customs department or hmrc vat department.
If you have already paid vat in any of the eu countries that are mentioned from the list you’ll be able to 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 could simply download the appropriate vat form to finish the vat registration process, even though you will have to submit documentary proof too. As soon as 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 some specific territories within some countries that do not follow vat. Each EU country has been assigned a specific code and follows a particular vat number format. Vat invoices may also be prepared in each country in its own language. For example, Poland issues a faktura vat, that is their version of the vat invoice.
If you wish to reclaim vat paid in a foreign country then the best way forward would be to hire a vat agent that’s a professional in uk vat in addition to eu vat rules. This will likely enable you to file your vat returns correctly and within the stipulated time frame while also doing the same when claiming vat refunds in the nation of origin more hints. It is also important to study various classifications in customs, excise and vat duties and also find out about vat exempt items so your product costs are reduced in a legal manner. While duty rates might be different within these eu countries, the fact each of them follow vat will surely 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 into the UK or perhaps any other vat friendly EU country. The eu countries list mentioned above should allow you to identify countries that follow vat and allow you to definitely import products while avoiding the issue of double taxation by allowing you to reclaim vat back.
