If you want to import services or goods from EU States or countries then you certainly 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 in for vat refunds plus be beneficial http://vatcheck.com if you plan to re-export some material back to those EU countries.
If your trading business is based in the UK then it is extremely important to know about 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 for your goods or services 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 most of the eu countries which are mentioned in the list you’ll be able to 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 very 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, although you will need to submit documentary proof too. As soon as you get the 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 some specific territories within some countries that do not follow vat. Each EU country has been assigned a particular code and follows a specific vat number format. Vat invoices are also prepared in each country in their own language. For instance, 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 simplest way forward should be to hire a vat agent that is 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 while also doing 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 cost is reduced in a legal manner. While duty rates could be different within these eu countries, the fact that each of them follow vat will surely reduce paperwork and help you with your cost calculations.
Most eu countries follow vat and this factor ought to be noted if you plan to import goods or services into the UK or perhaps some other vat friendly EU country. The eu countries list already mentioned should help 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 reclaim vat back.