If you want to import services or goods from EU States or countries then you certainly should first have the eu countries list that follow the system of vat or value added tax vatnumbersearch-com. This should help you to stay in the same taxation system, go for vat refunds and also be beneficial if you are planning to re-export something back to those EU countries.
If your trading business is based in the UK then it’s very important to understand fellow EU countries which 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 on your services or goods 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 in the list then you can 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 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, even though you will have 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 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 don’t follow vat. Each EU country is assigned a specific code and follows a particular 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 a vat invoice.
If you want to reclaim vat paid in another country then your simplest way forward would 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 period whilst doing exactly the same when claiming vat refunds in the nation of origin. Additionally it is imperative that you study various classifications in customs, excise and vat duties and also learn more about vat exempt items so that your product costs are reduced in a legal manner. While duty rates might be different within these eu countries, the fact that they all 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’re going to import services or goods 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 allow you to definitely import products while avoiding the problem of double taxation by permitting you to reclaim vat back.