If you want to import products or services to your own country that follows vat or value added tax system then being aware of europa vat will save money for your business http://www.vatcheck.com. You will 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 in the EU have shifted over to vat which helps achieve uniformity in cross-country imports and exports. It has also allowed businesses to go in for vat refunds on imports where vat was already paid in the original country of export. If 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 have to make an application for vat registration in your own country. For instance, in the United Kingdom you will get vat registered when 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 may 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 basic 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 so might the language in each vat invoice but 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 expertise of a professional vat and import agent so that your goods and services are put in the appropriate classification as deemed fit by relevant tax authorities. Your agent must also have the ability to assist you in filing regular vat returns and getting vat refunds in the nation of origin in order 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 allow you to input the nation code and the vat number before informing you if your vat number remains valid. This move can help you save lots of hassle and money whilst keeping you safe from unscrupulous businesses and individuals.
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 start an enterprise in any EU country which has embraced vat then you definitely should first check the europa vat list before you start importing products or services from such countries.