If you wish to import goods and services to your own country that follows vat or value added tax system then being aware of europa vat will save money for your business vatcheck-com. You’ll 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 and this helps achieve uniformity in cross-country imports and exports. It’s 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 apply for vat reclaim in the country of origin with supporting documents that show the 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 example, in the United Kingdom you can get vat registered once your taxable sale during the last 12 months touches £70,000, which is called the vat threshold. You will need to contact the hmrc vat department and can use their vat online services to fill up the vat form to apply for vat registration. Once 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 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 essential 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 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 your products or services are placed within the appropriate classification as deemed fit by relevant tax authorities. Your agent should also be able to assist you in filing regular vat returns and getting vat refunds in the country 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 the vat numbers by using the internet. There are many websites that allow you to input the country code and the vat number before informing you if the vat number remains to be valid. This move can help you save a lot of hassle and money whilst protecting you from unscrupulous businesses and folks.
Conducting business with vat friendly eu countries will ensure your paperwork proceeds in a seamless manner due to the common platform of vat. If you’re going to begin an enterprise in a EU country that has embraced vat then you should first look into the europa vat list before you start importing products or services from such countries.