Find the eu countries list that follow vat
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 remain in the same taxation system,
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go for vat refunds and also benefit you if you are planning to re-export something back into those EU countries.
In case your trading business is located in the UK then it’s extremely important to understand 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’ll obviously have to pay customs duties, excise duties or import vat on your services or goods 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 in the list you’ll be able to go 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 very 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 complete the vat registration process, even though you will have to submit documentary proof too. Once you get the 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 do not follow vat. Each EU country has been assigned a specific code and follows a particular vat number format. Vat invoices may also be prepared in each country in their own language. For example, Poland issues a faktura vat, which is their version of the vat invoice.
If you want to reclaim vat paid in a foreign country then the best way forward would be to hire a vat agent that’s a professional in uk vat as well as eu vat rules. This will allow you to file your vat returns correctly and in the stipulated time frame whilst doing 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 find out about vat exempt items so 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 also factor ought to be noted if you plan to import goods or services to the UK or perhaps some other vat friendly EU country. The eu countries list already mentioned should allow you to identify countries that follow vat and permit you to definitely import products while avoiding the issue of double taxation by permitting you to definitely reclaim vat back.