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 will help you to stay within the same taxation system, go for vat refunds and also benefit you if you are planning to re-export some material back into those EU countries.
If 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 whenever you import items from such countries vat registration number. You’ll obviously have 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 which are mentioned from the list you’ll be able to go in for vat reclaim as soon as you sell goods in the local market at prevailing vat rates. However, before you start 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 could simply download the appropriate vat form to complete the vat registration process, although you will have to submit documentary proof too. As soon as you get your unique vat no you may 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 don’t follow vat. Each EU country is assigned a particular code and follows a specific vat number format. Vat invoices are also prepared in each country in their own language. For example, Poland issues a faktura vat, that is their version of a vat invoice.
If you wish to reclaim vat paid in another country then your best way forward should be to hire a vat agent that’s an expert in uk vat as well as eu vat rules. This will likely allow you to file your vat returns correctly and within the stipulated time period while also doing the same when claiming vat refunds in the nation of origin read this. It is also important to 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 assist you with your cost calculations.
Most eu countries follow vat and this also factor ought to 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 already mentioned should help you to identify countries that follow vat and allow you to definitely import products while avoiding the problem of double taxation by permitting you to reclaim vat back.
