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. This should help you to stay within the same taxation system, go in for vat refunds plus benefit you vatcheck.com if you are planning to re-export something back into those EU countries.
If your trading company is based in the UK then it is very important to understand fellow EU countries that also follow vat simply because this will continue uniformity in taxation and simplify your paperwork whenever you import items from such countries. You’ll obviously need to pay customs duties, excise duties or import vat for your services or goods according to their classification as deemed by the UK revenue and customs department or hmrc vat department.
For those who have already paid vat in most of the eu countries that are mentioned from 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 begin selling your goods and charging vat on the very 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 finish the vat registration process, even though 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 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 has been assigned a specific code and follows a particular 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 the vat invoice.
If you wish to reclaim vat paid in a foreign country then the simplest way forward would be to hire a vat agent that is an expert in uk vat in addition to eu vat rules. This will 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 important to study various classifications in customs, excise and vat duties as well as 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 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 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 import products while avoiding the issue of double taxation by permitting you to reclaim vat back.