If you wish to import goods and services into your own country that follows vat or value added tax system then being aware of europa vat can save money for your business Http://vatcheck.com. You’ll be able to accurately calculate the cost 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 which helps 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 definitely can also 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 begin 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 will get vat registered when your taxable sale in the last Twelve months touches £70,000, which is called the vat threshold. You will need to contact the hmrc vat department and may even use their vat online services to fill the vat form to get vat registration. When your business gets the necessary registration then you can charge vat rates as prescribed by the department through a vat invoice that mentions your unique vat number.
You can import services and goods 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 basic principle of taxes continues to be same. All vat friendly countries have a very 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 text 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 expertise of an expert vat and import agent so that your goods and services are placed 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 nation 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 many websites that permit you to input the country code along with the vat number before informing you if the vat number is still valid. This move can help you save lots of hassle and money 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’re going to start an enterprise in a EU country that has embraced vat then you should first check the europa vat list before you begin importing products or services from such countries.