Get the eu countries list that follow vat
If you wish to import goods or services 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 Http://www.vatnumbersearch.com. This will help you to stay within the same taxation system, go for vat refunds and also benefit you if you are planning to re-export some material back to those EU countries.
In case your trading company is based in the UK then it is very important to understand fellow EU countries which follow vat since this will continue uniformity in taxation and simplify your paperwork whenever you import items from such countries. You’ll of course have to pay customs duties, excise duties or import vat for your goods or services 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 in the list you’ll be able to go for vat reclaim once you sell the goods in the local market at prevailing vat rates. However, before you begin 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 can simply download the appropriate vat form to complete the vat registration process, although you will need to submit documentary proof too. As soon as you get your unique vat no you may 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 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, that is their version of the vat invoice.
If you wish to reclaim vat paid in another country then your best way forward would be to hire a vat agent that’s a professional in uk vat in addition to eu vat rules. This will enable you to file your vat returns correctly and in the stipulated time frame whilst doing exactly the same when claiming vat refunds in the country of origin. Additionally it is imperative that you study various classifications in customs, excise and vat duties as well as learn more about vat exempt items so your product costs are reduced in a legal manner. While duty rates might be different in these eu countries, the fact 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 plan to import services or goods 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 allow you to definitely import products while avoiding the problem of double taxation by allowing you to definitely reclaim vat back.