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 will 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 in the EU have shifted over to vat which has helped achieve uniformity in cross-country imports and exports . It has also allowed businesses to go in for vat refunds on imports where vat has already been paid in the original country of export. In case you too intend 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 start issuing vat invoices to your clients, you will need to make an application for vat registration in your own country. For example, in the UK you can get vat registered once your taxable sale in 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 get vat registration. Once your business gets the necessary registration then you can charge vat rates as prescribed by the department through a vat invoice that mentions your unique 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 continues to be same. All vat friendly countries have a 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 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 that your goods and services are placed in the appropriate classification as deemed fit by relevant tax authorities. Your agent must 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 can 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 along with the vat number before informing you if the vat number remains to be valid. This move can help you save a lot of hassle and funds whilst keeping you safe from unscrupulous businesses and folks.
Conducting business with vat friendly eu countries will guarantee that your paperwork proceeds in a seamless manner thanks to the common platform of vat. If you’re going to begin an enterprise in a EU country which has embraced vat then you should first look into the europa vat list before you begin importing products or services from such countries.