If you wish to import goods or services from EU States or countries then you 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 for vat refunds plus be beneficial if you plan to re-export something back to those EU countries.
In case your trading company is located in the UK then it is very important to understand fellow EU countries that also follow vat since this will continue uniformity in taxation and simplify your paperwork whenever 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 based on 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 which are mentioned from the list then you can go in for vat reclaim once you sell 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 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, although 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 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 do not 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 their own language. For instance, Poland issues a faktura vat, which is their version of the vat invoice.
If you wish to reclaim vat paid in another country then the simplest way forward would be to hire a vat agent that is an expert in uk vat in addition to eu vat rules. This will enable you to file your vat returns correctly and in the stipulated time frame whilst doing exactly the same when claiming vat refunds in the nation of origin. Additionally it is important to study various classifications in customs, excise and vat duties and also find out about vat exempt items so that your product costs are reduced in a legal manner. While duty rates could be different in 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 also factor ought to be noted if you’re going to import goods or services into the UK or in any other vat friendly EU country. The eu countries list already mentioned 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.