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 in the same taxation system,
go for vat refunds and also be beneficial if you plan to re-export something back to those EU countries.
If your trading company is located in the UK then it’s extremely important to know about fellow EU countries which follow vat since 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 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 most of the eu countries that are mentioned from the list you’ll be able to go in for vat reclaim once 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 be 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, even though you will have to submit documentary proof too. As soon as you get the unique vat no you may 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 a few specific territories within some countries that don’t 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, that is their version of the vat invoice.
If you want to reclaim vat paid in another country then your best way forward should be to hire a vat agent that’s a professional 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 whilst doing the same when claiming vat refunds in the country of origin. Additionally it is important to study various classifications in customs, excise and vat duties and also learn more about vat exempt items so that your product cost is reduced in a legal manner. While duty rates could be different in these eu countries, the fact they all follow vat will certainly reduce paperwork and assist you with your cost calculations.
Most eu countries follow vat and this factor ought to be noted if you’re going to import goods or services 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 allowing you to definitely reclaim vat back.