If you want to import goods and services to your own country that follows vat or value added tax system then being aware of europa vat can save money in your business vatcheck.com. You will be able to accurately calculate the buying price 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’s 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 definitely too can make an application 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 instance, in the UK you can get vat registered once your taxable sale in the last Twelve months touches £70,000, which is known as the vat threshold. You will need to contact the hmrc vat department and may use their vat online services to fill up the vat form to get vat registration. When your business gets the necessary registration you’ll be able to charge vat rates as prescribed by the department through a vat invoice that mentions your distinct vat number.
You can import goods and services from many 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 continues to be 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 so might the language in each vat invoice but 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 a professional vat and import agent so your products or services are put within 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 applying for 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 their vat numbers by using the internet. There are several websites that permit you to input the country code and 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 that your paperwork proceeds in a seamless manner thanks to the common platform of vat. If you plan to begin a business in any 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.