If you want to import goods or services 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 in the same taxation system, go in for vat refunds and also be beneficial if you are planning to re-export something back into those EU countries.
If your trading company is based in the UK then it’s very 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 need to pay customs duties, excise duties or import vat on 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 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 begin selling your goods and charging vat on the very same you will have to be a vat registered trader. The hmrc vat department offers several vat online services and you could simply download the right 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 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 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 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 your best way forward would be to hire a vat agent that is 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 frame whilst doing the same when claiming vat refunds in the nation of origin site link. It is also important to study various classifications in customs, excise and vat duties as well as find out about vat exempt items so that 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 help 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 in some 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 issue of double taxation by permitting you to definitely reclaim vat back.
