If you wish to import goods and services to your own country that follows vat or value added tax system then knowing about europa vat can 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 when 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 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 can also apply for vat reclaim in the country of origin with supporting documents that show the 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 instance, in the United Kingdom you can get vat registered once your taxable sale during the last Twelve months touches £70,000, which is known as the vat threshold. You will have to contact the hmrc vat department and may even use their vat online services to fill the vat form to get vat registration. Once your business gets the necessary registration you’ll be able to charge vat rates as prescribed by the department by way of 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 essential principle of taxes remains the same. All vat friendly countries have a very 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 however the formula for calculating vat remains the same in all these countries.
Since customs, excise and vat rules might be a bit complicated to decipher, you should enroll the services of an expert 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 must also be able to help you in filing regular vat returns and applying for vat refunds in the nation 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 using the internet. There are several 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 lots of hassle and funds while also protecting you from unscrupulous businesses and individuals.
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 begin an enterprise in a EU country that has embraced vat then you definitely should first check the europa vat list before you start importing services or products from such countries.