If you want to import services or goods 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 should help you to remain within the same taxation system, go in for vat refunds plus be beneficial www.vatcheck.com if you plan to re-export something back into those EU countries.
In case your trading company is located in the UK then it’s extremely important to understand 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 for your goods or services according to their classification as deemed by the UK revenue and customs department or hmrc vat department.
If you have already paid vat in any 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 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 finish the vat registration process, even though you will have to submit documentary proof too. As soon as you get your 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 some specific territories within some countries that don’t follow vat. Each EU country has been assigned a specific code and follows a particular vat number format. Vat invoices may also be prepared in each country in their 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 your best way forward would be to hire a vat agent that is a professional in uk vat as well as eu vat rules. This will allow you to file your vat returns correctly and in the stipulated time period whilst doing the same when claiming vat refunds in the nation of origin. Additionally it is imperative that you study various classifications in customs, excise and vat duties and also 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 they all 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 goods or services into the UK or in any other vat friendly EU country. The eu countries list mentioned above should allow you to identify countries that follow vat and allow you to definitely import products while avoiding the problem of double taxation by allowing you to definitely reclaim vat back.