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 www.vatcheck.com. You will be able to accurately calculate the buying price of your imported products while also be able to charge the appropriate vat rate whenever you sell them in local markets.
Most countries within 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. If 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 begin issuing vat invoices to your clients, you will need to apply for vat registration in your own country. For example, in the United Kingdom you will get vat registered when your taxable sale in the last 12 months touches £70,000, which is called the vat threshold. You will need to contact the hmrc vat department and may use their vat online services to fill the vat form to get vat registration. When your business gets 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 may import goods and services 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 very 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 however the formula for calculating vat continues to be same in all these countries.
Since customs, excise and vat rules might be a bit complicated to decipher, you should enroll the services of a professional 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 have the ability 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 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 their vat numbers by utilizing 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 is still valid. This move can save you lots of hassle and money whilst keeping you safe from unscrupulous businesses and individuals.
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 begin an enterprise in a EU country that has embraced vat then you definitely should first check the europa vat list before you start importing products or services from such countries.