If you want to import products or services to your own country that follows vat or value added tax system then knowing about europa vat will save money in your business 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 in the EU have shifted to vat which helps 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. If you too plan to import goods where vat has already been paid then you can also make an application for vat reclaim in the country of origin with supporting documents that show the 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 United Kingdom you will get vat registered once your taxable sale during 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 even use their vat online services to fill the vat form to apply for vat registration. Once your business has the necessary registration then you can charge vat rates as prescribed by the department through a vat invoice that mentions your distinct vat number.
You can import goods and services from several 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 essential 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 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 might be a bit complicated to decipher, you should enroll the expertise of an expert vat and import agent so your goods and services are put in the appropriate classification as deemed fit by relevant tax authorities. Your agent must 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 can also cross-check the validity of their vat numbers by using the internet. There are several websites that permit you to input the country code along with the vat number before informing you if your vat number remains valid. This move can save you a lot of hassle and funds while also keeping you safe from unscrupulous businesses and individuals.
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 begin a business in a EU country which has embraced vat then you should first check the europa vat list before you start importing products or services from such countries.