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 in your business www.vatcheck.com. You will be able to accurately calculate the cost of your imported products while also be able to charge the correct vat rate whenever you sell them in local markets.
Most countries within the EU have shifted 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 plan to import goods where vat was already paid then you definitely can also 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 apply for vat registration in your own country. For example, in the UK you can get vat registered when 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 has the necessary registration then you can charge vat rates as prescribed by the department by way of a vat invoice that mentions your distinct vat number.
You may import goods and services from many 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 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 expertise 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 should also have the ability to assist you in filing regular vat returns and getting 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 using the internet. There are several websites that permit you to input the nation code along with the vat number before informing you if your vat number is still valid. This move can help you save lots of hassle and funds whilst keeping you safe from unscrupulous businesses and folks.
Conducting business with vat friendly eu countries will guarantee your paperwork proceeds in a seamless manner thanks to the common platform of vat. If you’re going to begin a business in a 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.