If you want to import goods and services to your own country that follows vat or value added tax system then knowing about europa vat will save money in your business www.vatcheck.com. You will be able to accurately calculate the buying price of your imported products whilst be able to charge the appropriate vat rate when you sell them in local markets.
Most countries within 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 plan to import goods where vat has already been paid then you definitely too can apply for vat reclaim in the country of origin with supporting documents that show your local sales together with the vat rates.
However, before you begin issuing vat invoices to your clients, you will need to make an application for vat registration in your own country. For instance, in the United Kingdom you will get vat registered once your taxable sale during the last 12 months touches £70,000, which is called the vat threshold. You will have to contact the hmrc vat department and may use their vat online services to fill the vat form to apply for 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 unique vat number.
You may 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 remains the same. All vat friendly countries have a standard vat rate which 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 language 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 products or services are put in 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 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 allow you to input the nation code and the vat number before informing you if your vat number remains to be valid. This move can help you save a lot of hassle and funds while also keeping you safe from unscrupulous businesses and folks.
Conducting business with vat friendly eu countries will guarantee your paperwork proceeds in a seamless manner due to the common platform of vat. If you plan to begin a business in any EU country that has embraced vat then you should first look into the europa vat list before you begin importing products or services from such countries.