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 Http://vatnumbersearch.com. This should help you to stay within the same taxation system, go for vat refunds plus be beneficial if you plan to re-export some material back into those EU countries.
If your trading business is located in the UK then it’s extremely important to know about 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. You will of course have to pay customs duties, excise duties or import vat on your services or goods based on 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 then you can go for vat reclaim as soon as you sell goods in the local market at prevailing vat rates. However, before you begin 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 can simply download the right vat form to finish the vat registration process, even though you will need 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 particular code and follows a specific 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 a foreign country then the best way forward should be to hire a vat agent that’s a professional in uk vat as well as eu vat rules. This will allow you to file your vat returns correctly and within the stipulated time period whilst doing 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 learn more 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 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 should certainly be noted if you plan to import services or goods to the UK or perhaps any other vat friendly EU country. The eu countries list mentioned above should help you to identify countries that follow vat and permit you to definitely import products while avoiding the issue of double taxation by permitting you to definitely reclaim vat back.