If you wish to import goods or services 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 remain in the same taxation system,
go for vat refunds plus benefit you if you are planning to re-export some material back to those EU countries.
If your trading business is located in the UK then it is very important to know about fellow EU countries which follow vat since this will continue uniformity in taxation and simplify your paperwork whenever you import items from such countries. You’ll of course have to pay customs duties, excise duties or import vat on 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 from the list you’ll be able to go in for vat reclaim once you sell goods in the local market at prevailing vat rates. However, before you begin selling your goods and charging vat on the 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 right vat form to finish the vat registration process, although you will need 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 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 a few specific territories within some countries that do not follow vat. Each EU country is assigned a particular code and follows a specific vat number format. Vat invoices may also be prepared in each country in their 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 a foreign country then your 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 in the stipulated time frame whilst doing the same when claiming vat refunds in the nation of origin. It is also imperative that you study various classifications in customs, excise and vat duties and also learn more about vat exempt items so your product cost is reduced in a legal manner. While duty rates could be different in these eu countries, the fact that 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 to the UK or in 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 import products while avoiding the issue of double taxation by permitting you to definitely reclaim vat back.