If you want to import services or goods from EU States or countries then you certainly should first get the eu countries list that follow the system of vat or value added tax Http://www.vatnumbersearch.com. This will help you to remain within the same taxation system, go in for vat refunds and also be beneficial if you are planning to re-export something back to those EU countries.
In case your trading company is based in the UK then it is 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 will obviously have to pay customs duties, excise duties or import vat for your services or goods 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 in the list then you can go in for vat reclaim as soon as you sell goods in the local market at prevailing vat rates. However, before you start selling your goods and charging vat on the very same you will have to be a vat registered trader. The hmrc vat department offers several vat online services and you could simply download the appropriate vat form to finish the vat registration process, even though you will need 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 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 the vat invoice.
If you wish to reclaim vat paid in a foreign country then your best way forward should be to hire a vat agent that’s an expert in uk vat in addition to eu vat rules. This will allow you to file your vat returns correctly and in the stipulated time frame while also doing the same when claiming vat refunds in the country 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 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 certainly reduce paperwork and help 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 to 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 permit you to definitely import products while avoiding the problem of double taxation by allowing you to definitely reclaim vat back.