If you want 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 vatcheck.com. You will be able to accurately calculate the cost of your imported products while also have the ability to charge the correct vat rate whenever you sell them in local markets.
Most countries in the EU have shifted to vat and this has helped achieve uniformity in cross-country imports and exports. It has also allowed businesses to go in for vat refunds on imports where vat has already been paid in the original country of export. In case you too intend to import goods where vat has already been 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 make an application for vat registration in your own country. For instance, in the United Kingdom you will get vat registered when your taxable sale in the last 12 months touches £70,000, which is known as the vat threshold. You will need to contact the hmrc vat department and can use their vat online services to fill up the vat form to apply for vat registration. Once your business has 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 distinct vat number.
You can import goods and services from many europa vat countries including Sweden, UK, France, Germany, Greece, Spain, Italy, Poland, and many more. 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 standard vat rate which 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 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 need to enroll the services of an expert vat and import agent so that your products or services are put within the appropriate classification as deemed fit by relevant tax authorities. Your agent should also be able to assist you in filing regular vat returns and applying for 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 utilizing the internet. There are several websites that permit 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 funds while also keeping you safe from unscrupulous businesses and folks.
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 a business in any EU country that has embraced vat then you definitely should first look into the europa vat list before you begin importing products or services from such countries.