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 should help you to remain in the same taxation system,
vatvalidation-com
go in for vat refunds plus benefit you if you plan to re-export something back into those EU countries.
If your trading business is located in the UK then it’s extremely important to know about fellow EU countries that also follow vat simply because this will continue uniformity in taxation and simplify your paperwork when you import items from such countries. You’ll of course need 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 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 start selling your goods and charging vat on the same you will have to become 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 have 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 related 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 do not follow vat. Each EU country has been assigned a specific 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 another country then your simplest 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 allow you to file your vat returns correctly and within the stipulated time period while also doing exactly 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 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 they all follow vat will certainly reduce paperwork and assist you with your cost calculations.
Most eu countries follow vat and this factor should certainly be noted if you plan to import services or goods to 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 definitely reclaim vat back.