If you want to import goods and services into your own country that follows vat or value added tax system then knowing about europa vat can save money for your business www.vatcheck.com. You will be able to accurately calculate the cost of your imported products whilst be able to charge the appropriate vat rate when you sell them in local markets.
Most countries in the EU have shifted to vat which 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 was already paid in the original country of export. In case you too intend to import goods where vat was already paid then you definitely too can apply 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 have to apply 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 known as the vat threshold. You will have to contact the hmrc vat department and can use their vat online services to fill up the vat form to get vat registration. Once your business gets the necessary registration then you can charge vat rates as prescribed by the department by way of a vat invoice that mentions your unique vat number.
You may import goods and services 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 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 and so might the text in each vat invoice however the formula for calculating vat remains the same in all these countries.
Since customs, excise and vat rules can 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 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 getting vat refunds in the nation of origin so as to return the doubly-charged tax amount back to 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 utilizing the internet. There are many 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 save you lots of hassle and funds whilst keeping you safe from unscrupulous businesses and folks.
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 which has embraced vat then you definitely should first check the europa vat list before you begin importing services or products from such countries.