If you want to import services or goods from EU States or countries then you certainly should first have the eu countries list that follow the system of vat or value added tax. This will help you to stay within the same taxation system, go for vat refunds and also benefit you http://vatcheck.com if you are planning to re-export some material back into those EU countries.
If your trading business is located in the UK then it is extremely important to know about fellow EU countries that also follow vat since 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 on your goods or services based on their classification as deemed by the UK revenue and customs department or hmrc vat department.
For those who have already paid vat in any of the eu countries that are mentioned from the list then you can go in 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 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 appropriate vat form to finish the vat registration process, even though you will need to submit documentary proof too. Once you get the unique vat no then you can issue a vat invoice against each sale and charge the related vat rate to the 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 don’t 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 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 simplest way forward would be to hire a vat agent that is a professional in uk vat in addition to eu vat rules. This will enable you to file your vat returns correctly and within the stipulated time period while also doing the same when claiming vat refunds in the country of origin. It is also imperative that you study various classifications in customs, excise and vat duties and also find out about vat exempt items so your product costs are reduced in a legal manner. While duty rates could be different in these eu countries, the fact each of them follow vat will surely reduce paperwork and help you with your cost calculations.
Most eu countries follow vat and this factor ought to be noted if you’re going to import goods or services 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 import products while avoiding the issue of double taxation by permitting you to reclaim vat back.