If you wish 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. This should help you to remain in the same taxation system,
go for vat refunds plus be beneficial 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 extremely important to understand fellow EU countries that also 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 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 most of the eu countries which are mentioned from 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 same you will need 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 complete the vat registration process, although 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 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 some specific territories within some countries that don’t follow vat. Each EU country has been 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, which is their version of a vat invoice.
If you want 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 likely enable you to file your vat returns correctly and in the stipulated time frame while also doing exactly 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 and also learn more 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 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 in any 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 reclaim vat back.