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 will save money for your business Vatcheck-com. You will be able to accurately calculate the buying price of your imported products while also have the ability to charge the appropriate vat rate whenever you sell them in local markets.
Most countries within the EU have shifted to vat and this helps achieve uniformity in cross-country imports and exports . It has also allowed businesses to go in for vat refunds on imports where vat was already paid in the original country of export. In case you too plan to import goods where vat was already paid then you can also apply for vat reclaim in the country of origin with supporting documents that show the local sales along with the vat rates.
However, before you start 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 when your taxable sale in the last 12 months touches £70,000, which is known as 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 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 essential principle of taxes remains the same. All vat friendly countries have a very standard vat rate that 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 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 services of an expert vat and import agent so your goods and services are put within 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 nation of origin in order 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 permit you to input the nation code and the vat number before informing you if the vat number is still valid. This move can save you lots of hassle and funds whilst protecting you from unscrupulous businesses and individuals.
Conducting business with vat friendly eu countries will guarantee that 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 which has embraced vat then you should first look into the europa vat list before you start importing products or services from such countries.