Find the eu countries list that follow vat
If you want to import goods or services 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 should help you to remain within the same taxation system, go for vat refunds and also benefit you www.vatcheck.com if you plan to re-export something back into those EU countries.
In case your trading company is located in the UK then it’s very important to know about fellow EU countries which follow vat simply because this will continue uniformity in taxation and simplify your paperwork whenever 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 according to 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 which are mentioned from the list you’ll be able to go 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 very 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 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 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 a few specific territories within some countries that do not follow vat. Each EU country is assigned a particular code and follows a particular 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 another country then the simplest way forward should be to hire a vat agent that is a professional in uk vat as well as eu vat rules. This will enable you to file your vat returns correctly and within the stipulated time frame whilst doing 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 as well as learn more about vat exempt items so 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 also factor should certainly be noted if you plan to import services or goods into the UK or perhaps some other vat friendly EU country. The eu countries list already mentioned should help you to identify countries that follow vat and permit you to definitely import products while avoiding the problem of double taxation by permitting you to reclaim vat back.