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 in your business 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 over 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 has already been paid in the original country of export. If you too plan to import goods where vat was already paid then you 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 begin issuing vat invoices to your clients, you will have to make an application for vat registration in your own country. For example, in the UK 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 can even use their vat online services to fill up the vat form to apply for vat registration. When your business has the necessary registration you’ll be able to charge vat rates as prescribed by the department by way of a vat invoice that mentions your unique vat number.
You can 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 remains the 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 and 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 can be a bit complicated to decipher, you should enroll the expertise of an expert 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 should also have the ability 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 permit you to input the nation code and the vat number before informing you if your vat number remains valid. This move can save you a lot of hassle and funds while also keeping you safe from unscrupulous businesses and folks.
Conducting business with vat friendly eu countries will ensure your paperwork proceeds in a seamless manner thanks to the common platform of vat. If you plan to begin a business in a EU country that has embraced vat then you definitely should first look into the europa vat list before you start importing services or products from such countries.