Find the eu countries list that follow vat
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 plus be beneficial https://vatcheck.com if you plan to re-export something back into those EU countries.
If your trading business is based in the UK then it is extremely 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 obviously 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 that are mentioned from the list you’ll be able to go in for vat reclaim as soon as you sell goods in the local market at prevailing vat rates. However, before you begin selling your goods and charging vat on the same you will need 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. Once you get your unique vat no then you can 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 do not follow vat. Each EU country is assigned a specific code and follows a specific vat number format. Vat invoices are also prepared in each country in their own language. For example, Poland issues a faktura vat, that is their version of a vat invoice.
If you want to reclaim vat paid in a foreign country then the best way forward would be to hire a vat agent that is a professional in uk vat in addition to eu vat rules. This will enable you to file your vat returns correctly and within the stipulated time period whilst doing exactly the same when claiming vat refunds in the nation of origin. It is also 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 might 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 should certainly be noted if you’re going to import goods or services to the UK or perhaps 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 import products while avoiding the issue of double taxation by permitting you to reclaim vat back.