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. This will help you to stay within the same taxation system,
go in for vat refunds and also benefit you if you are planning to re-export some material back into those EU countries.
If your trading business is based in the UK then it is very important to know about 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 will of course need 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 that are mentioned from the list you’ll be able to go in for vat reclaim as soon as you sell the 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, 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 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 don’t 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 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 should be to hire a vat agent that is 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 period whilst doing exactly the same when claiming vat refunds in the nation 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 cost is reduced in a legal manner. While duty rates might be different within these eu countries, the fact that they all 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 plan to import goods or services to the UK or perhaps any other vat friendly EU country. The eu countries list already mentioned should allow you to identify countries that follow vat and permit you to import products while avoiding the problem of double taxation by allowing you to reclaim vat back.