If you wish to import products or services into your own country that follows vat or value added tax system then being aware of europa vat will save money for your business Vatcheck.com. You’ll be able to accurately calculate the buying price of your imported products while also have the ability 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 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 plan to import goods where vat was already paid then you too can make an application for vat reclaim in the country of origin with supporting documents that show the 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 United Kingdom you can get vat registered when your taxable sale during the last 12 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 has 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 can import services and goods 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 very standard vat rate that is between 15-25%, a special 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 continues to be same in all these countries.
Since customs, excise and vat rules might 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 put within the appropriate classification as deemed fit by relevant tax authorities. Your agent should also be able to help you in filing regular vat returns and getting vat refunds in the country of origin in order 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 can 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 and the vat number before informing you if your vat number remains to be valid. This move can save you a lot of hassle and funds while also protecting you from unscrupulous businesses and individuals.
Conducting business with vat friendly eu countries will guarantee that your paperwork proceeds in a seamless manner due to the common platform of vat. If you’re going to begin an enterprise in any EU country that has embraced vat then you definitely should first look into the europa vat list before you begin importing products or services from such countries.