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 will help you to stay in the same taxation system, go for vat refunds plus benefit you if you are planning to re-export something back into those EU countries.
In case your trading company is based in the UK then it is extremely important to know about fellow EU countries that also follow vat simply because this will continue uniformity in taxation and simplify your paperwork when you import items from such countries vatregistrationnumber. 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.
If you have already paid vat in any of the eu countries that are mentioned in 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 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 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 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 don’t follow vat. Each EU country is assigned a specific code and follows a specific vat number format. Vat invoices are also prepared in each country in its own language. For example, Poland issues a faktura vat, which is their version of a vat invoice.
If you want to reclaim vat paid in a foreign country then the simplest 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 period whilst doing exactly the same when claiming vat refunds in the country of origin more hints. 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 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 surely reduce paperwork and help you with your cost calculations.
Most eu countries follow vat and this factor ought to be noted if you plan to import goods or services to the UK or perhaps any other vat friendly EU country. The eu countries list already mentioned should allow you to identify countries that follow vat and permit you to definitely import products while avoiding the problem of double taxation by permitting you to definitely reclaim vat back.