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 can save money in your business http://vatcheck.com. You’ll 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 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 definitely too can 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 have to apply for vat registration in your own country. For instance, in the UK you will get vat registered when your taxable sale during the last Twelve 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 up 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 through a vat invoice that mentions your distinct vat number.
You can 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 basic principle of taxes continues to be 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 and so might the language 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 need to enroll the expertise of a professional vat and import agent so your goods and 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 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 could also cross-check the validity of their vat numbers by using the internet. There are many websites that allow you to input the nation code along with the vat number before informing you if your vat number is still valid. This move can save you lots of hassle and money while also keeping you safe from unscrupulous businesses and folks.
Conducting business with vat friendly eu countries will ensure your paperwork proceeds in a seamless manner thanks to the common platform of vat. If you plan to start an enterprise in any EU country which has embraced vat then you should first check the europa vat list before you begin importing services or products from such countries.