If you want to import services or goods from EU States or countries then you should first get 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 in for vat refunds plus be beneficial www.vatcheck.com 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 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 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.
If you have already paid vat in most of the eu countries that are mentioned in 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 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 finish the vat registration process, even though you will have to submit documentary proof too. Once you get your unique vat no then you can 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 are also prepared in each country in its own language. For instance, Poland issues a faktura vat, that is their version of the vat invoice.
If you want to reclaim vat paid in a foreign country then the best way forward would be to hire a vat agent that is a professional in uk vat as well as eu vat rules. This will enable 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. Additionally it is important to study various classifications in customs, excise and vat duties as well as learn more about vat exempt items so that your product costs are reduced in a legal manner. While duty rates could be different within these eu countries, the fact that each of them follow vat will surely 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 to the UK or perhaps 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 problem of double taxation by allowing you to definitely reclaim vat back.