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 vatnumbersearch.com. This will help you to remain within the same taxation system, go in for vat refunds plus benefit you if you plan to re-export some material back into those EU countries.
If your trading company 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 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.
For those who have already paid vat in most of the eu countries that are mentioned in the list then you can go for vat reclaim as soon as 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 have 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 complete the vat registration process, even though you will have to submit documentary proof too. As soon as you get the unique vat no then you can issue a vat invoice against each sale and charge the related 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 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, which is their version of the vat invoice.
If you want to reclaim vat paid in another country then your best way forward should be to hire a vat agent that’s an expert in uk vat as well as 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. Additionally it is imperative that you study various classifications in customs, excise and vat duties as well as find out about vat exempt items so your product cost is reduced in a legal manner. While duty rates could be different within these eu countries, the fact they all follow vat will certainly reduce paperwork and assist you with your cost calculations.
Most eu countries follow vat and this also factor ought to be noted if you plan to import goods or services into the UK or in some other vat friendly EU country. The eu countries list mentioned above should allow you to identify countries that follow vat and permit you to definitely import products while avoiding the issue of double taxation by allowing you to definitely reclaim vat back.