If you want to import goods and services into your own country that follows vat or value added tax system then knowing about europa vat can save money for your business Http://vatcheck.com. You’ll be able to accurately calculate the buying price of your imported products while also be able to charge the correct vat rate whenever you sell them in local markets.
Most countries in the EU have shifted over to vat and this has helped 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 can also make an application for vat reclaim in the country of origin with supporting documents that show your local sales together with the vat rates.
However, before you start issuing vat invoices to your clients, you will have to apply for vat registration in your own country. For example, in the United Kingdom you will get vat registered once your taxable sale during the last Twelve months touches £70,000, which is called the vat threshold. You will need to contact the hmrc vat department and can even use their vat online services to fill the vat form to apply for vat registration. Once your business has the necessary registration you’ll be able to charge vat rates as prescribed by the department through a vat invoice that mentions your unique vat number.
You can import services and goods from several europa vat countries including Sweden, UK, France, Germany, Greece, Spain, Italy, Poland, and many others. Although customs duties, excise duties and import vat might differ in each eu country, the basic principle of taxes remains the same. All vat friendly countries have a very standard vat rate which 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 so might the language in each vat invoice however the formula for calculating vat continues to be same in all these countries.
Since customs, excise and vat rules can be a bit complicated to decipher, you need to enroll the services of a professional vat and import agent so that your products or services are placed within the appropriate classification as deemed fit by relevant tax authorities. Your agent must also be able 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 into your coffers.
In case you want to handle other business in other europa countries that follow vat then you could also cross-check the validity of the vat numbers by utilizing the internet. There are many websites that permit you to input the country code and the vat number before informing you if the vat number remains valid. This move can help you save lots of hassle and funds while also keeping you safe 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’re going to begin an enterprise in a 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.