If you wish to import services or goods from EU States or countries then you should first have the eu countries list that follow the system of vat or value added tax Www.vatnumbersearch.com. This should help you to remain within the same taxation system, go in for vat refunds plus benefit you if you plan to re-export some material back to those EU countries.
In case your trading company is based in the UK then it is very important to understand 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 on your services or goods 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 then you can go 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 become a vat registered trader. The hmrc vat department offers several vat online services and you can simply download the right vat form to complete 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 related 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 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 may also be prepared in each country in its own language. For instance, Poland issues a faktura vat, that is their version of a vat invoice.
If you wish to reclaim vat paid in a foreign country then your simplest 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 within the stipulated time frame while also 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 learn more about vat exempt items so your product costs are 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 ought to be noted if you plan to import goods or services into the UK or in some other vat friendly EU country. The eu countries list mentioned above should help you to identify countries that follow vat and allow you to definitely import products while avoiding the issue of double taxation by permitting you to definitely reclaim vat back.