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 should help you to stay within the same taxation system, go for vat refunds plus benefit you vat check if you are planning to re-export some material back into those EU countries.
If your trading business is based in the UK then it’s extremely important to know about fellow EU countries that also follow vat since this will continue uniformity in taxation and simplify your paperwork when you import items from such countries. You’ll of course have 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 any of the eu countries that are mentioned in the list then you can go in for vat reclaim once you sell the goods in the local market at prevailing vat rates. However, before you begin selling your goods and charging vat on the same you will need 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 finish the vat registration process, even though you will have 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 the 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 some specific territories within some countries that do not follow vat. Each EU country is assigned a particular 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 want to reclaim vat paid in a foreign country then the best way forward would be to hire a vat agent that’s an expert 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. 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 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 surely reduce paperwork and assist you with your cost calculations.
Most eu countries follow vat and this also factor should certainly be noted if you’re going to import services or goods into the UK or in some other vat friendly EU country. The eu countries list mentioned above should help you to identify countries that follow vat and allow you to definitely import products while avoiding the issue of double taxation by allowing you to reclaim vat back.