If you wish to import services or goods from EU States or countries then you certainly should first get the eu countries list that follow the system of vat or value added tax. This will help you to stay in the same taxation system, go for vat refunds plus be beneficial www.vatcheck.com if you are planning to re-export something back into those EU countries.
If your trading business is located in the UK then it’s very 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 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 in 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 need to be 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 you may issue a vat invoice against each sale and charge the corresponding vat rate to your 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 particular 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 the vat invoice.
If you wish to reclaim vat paid in another country then the best way forward should be to hire a vat agent that is 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 exactly the same when claiming vat refunds in the nation of origin. Additionally it is important to study various classifications in customs, excise and vat duties and also find out about vat exempt items so your product cost is reduced in a legal manner. While duty rates might be different in 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 plan to import services or goods 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 import products while avoiding the issue of double taxation by allowing you to reclaim vat back.