If you wish to import goods and services into your own country that follows vat or value added tax system then knowing about europa vat will save money in your business Http://vatcheck.com. You will be able to accurately calculate the cost of your imported products while also be able to charge the correct vat rate when 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’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 intend to import goods where vat has already been paid then you definitely 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 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 can get vat registered once your taxable sale during the last 12 months touches £70,000, which is known as the vat threshold. You will have to contact the hmrc vat department and can use their vat online services to fill the vat form to get 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 distinct 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 basic principle of taxes remains the same. All vat friendly countries have a 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 language in each vat invoice but the formula for calculating vat remains the same in all these countries.
Since customs, excise and vat rules might be a bit complicated to decipher, you need to enroll the expertise of an expert vat and import agent so that your goods and services are placed within the appropriate classification as deemed fit by relevant tax authorities. Your agent must also have the ability to assist you in filing regular vat returns and applying for vat refunds in the country 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 utilizing the internet. There are many 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 help you save a lot of hassle and funds while also protecting you from unscrupulous businesses and individuals.
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 plan to begin a business in any EU country which has embraced vat then you definitely should first check the europa vat list before you start importing services or products from such countries.