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 https://vatnumbersearch.com. This will help you to stay in 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.
In case your trading business is located in the UK then it’s very important to understand fellow EU countries which 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 from the list you’ll be able to go 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 same you will have to be a vat registered trader. The hmrc vat department offers several vat online services and you can simply download the right vat form to finish the vat registration process, even though you will need to submit documentary proof too. Once you get the 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 some 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 example, Poland issues a faktura vat, that is their version of a vat invoice.
If you wish to reclaim vat paid in a foreign country then your simplest way forward should 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 while also 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 that 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 certainly reduce paperwork and assist you with your cost calculations.
Most eu countries follow vat and this also factor ought to be noted if you’re going to import goods or services to the UK or perhaps some other vat friendly EU country. The eu countries list mentioned above should help you to identify countries that follow vat and permit you to definitely import products while avoiding the problem of double taxation by permitting you to reclaim vat back.