If you wish to import products or 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 will be able to accurately calculate the cost of your imported products while also 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’s also allowed businesses to go in for vat refunds on imports where vat was already paid in the original country of export. If you too plan to import goods where vat was already paid then you can also make an application for vat reclaim in the country of origin with supporting documents that show your local sales together with the vat rates.
However, before you start issuing vat invoices to your clients, you will need to apply for vat registration in your own country. For instance, in the UK you can get vat registered when your taxable sale in the last 12 months touches £70,000, which is called the vat threshold. You will have to contact the hmrc vat department and can even use their vat online services to fill 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 through a vat invoice that mentions your distinct vat number.
You may import services and goods from several 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 continues to be 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 so might the text in each vat invoice but 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 services of a professional vat and import agent so that your products or 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 so as to return the doubly-charged tax amount back into your coffers.
In case you want to deal with other business in other europa countries that follow vat then you could also cross-check the validity of their vat numbers by using the internet. There are several websites that allow you to input the country code along with 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 ensure that your paperwork proceeds in a seamless manner thanks to the common platform of vat. If you’re going to start a business in any EU country which has embraced vat then you definitely should first check the europa vat list before you start importing products or services from such countries.