If you wish to import goods or services from EU States or countries then you should first have the eu countries list that follow the system of vat or value added tax. This should help you to stay in the same taxation system, go for vat refunds and also 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’s extremely important to understand fellow EU countries that also follow vat simply because this will continue uniformity in taxation and simplify your paperwork whenever you import items from such countries. You will 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.
If you have already paid vat in most of the eu countries which are mentioned in the list you’ll be able to go for vat reclaim once you sell 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 appropriate vat form to finish the vat registration process, although you will have to submit documentary proof too. Once 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 some specific territories within some countries that don’t 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 its own language. For example, Poland issues a faktura vat, that is their version of a vat invoice.
If you wish to reclaim vat paid in another country then the best way forward would be to hire a vat agent that’s a professional in uk vat as well as 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. It is also important to study various classifications in customs, excise and vat duties as well as 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 each of them follow vat will certainly reduce paperwork and help you with your cost calculations.
Most eu countries follow vat and this also factor should certainly be noted if you plan to import goods or services into the UK or in 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 definitely import products while avoiding the problem of double taxation by allowing you to definitely reclaim vat back.