If you want to import goods and services into your own country that follows vat or value added tax system then being aware of europa vat can save money in your business Vatcheck-com. You will be able to accurately calculate the cost of your imported products whilst be able to charge the correct vat rate whenever you sell them in local markets.
Most countries within the EU have shifted over to vat and this helps achieve uniformity in cross-country imports and exports. It’s also allowed businesses to go in for vat refunds on imports where vat has already been paid in the original country of export. If you too plan to import goods where vat has already been paid then you definitely too can apply for vat reclaim in the country of origin with supporting documents that show your local sales along with the vat rates.
However, before you begin issuing vat invoices to your clients, you will have to apply for vat registration in your own country. For instance, in the UK you will get vat registered once your taxable sale during the last 12 months touches £70,000, which is known as the vat threshold. You will need to contact the hmrc vat department and may even use their vat online services to fill up the vat form to get vat registration. When your business gets the necessary registration then you can charge vat rates as prescribed by the department through a vat invoice that mentions your distinct vat number.
You may import goods and services from several europa vat countries including Sweden, UK, France, Germany, Greece, Spain, Italy, Poland, and many more. Although customs duties, excise duties and import vat might differ in each eu country, the essential principle of taxes remains the same. All vat friendly countries have a standard vat rate that is between 15-25%, a particular low vat rate between 1-6% and vat exempt items or services where no vat is charged. The rates might differ and so might the text in each vat invoice however the formula for calculating vat remains the same in all these countries.
Since customs, excise and vat rules can be a bit complicated to decipher, you should enroll the expertise of a professional vat and import agent so your products or services are put within the appropriate classification as deemed fit by relevant tax authorities. Your agent should also have the ability to help you in filing regular vat returns and applying for vat refunds in the country of origin so as to return the doubly-charged tax amount back to your coffers.
In case you want to deal with other business in other europa countries that follow vat then you could also cross-check the validity of the vat numbers by using the internet. There are several websites that allow you to input the nation code along with the vat number before informing you if the vat number is still valid. This move can save you lots of hassle and money whilst protecting you from unscrupulous businesses and folks.
Conducting business with vat friendly eu countries will ensure your paperwork proceeds in a seamless manner due to the common platform of vat. If you plan to start an enterprise in any EU country that has embraced vat then you should first look into the europa vat list before you begin importing services or products from such countries.