If you wish 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 remain within the same taxation system, go for vat refunds plus be beneficial if you are planning to re-export something back into those EU countries.
In case your trading business is based in the UK then it’s extremely important to understand 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 vat registration number. You’ll obviously need 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 which 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 start selling your goods and charging vat on the very same you will need to be 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 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 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, which is their version of a vat invoice.
If you want to reclaim vat paid in a foreign 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 exactly the same when claiming vat refunds in the country of origin additional reading. Additionally it is imperative that you study various classifications in customs, excise and vat duties as well as find out about vat exempt items so your product cost is reduced in a legal manner. While duty rates might be different within these eu countries, the fact each of them 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 in any other vat friendly EU country. The eu countries list already mentioned should help you to identify countries that follow vat and permit you to definitely import products while avoiding the issue of double taxation by allowing you to definitely reclaim vat back.
