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 can save money in 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 when you sell them in local markets.
Most countries in the EU have shifted over to vat which 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. If you too plan to import goods where vat was already paid then you definitely too can apply for vat reclaim in the country of origin with supporting documents that show the local sales together 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 UK you will get vat registered once 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 up the vat form to get vat registration. When your business gets the necessary registration then you can charge vat rates as prescribed by the department by way of a vat invoice that mentions your unique 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 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 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 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 getting vat refunds in the country of origin in order 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 permit you to input the nation code and the vat number before informing you if the vat number remains valid. This move can help you save lots of hassle and funds whilst keeping you safe from unscrupulous businesses and folks.
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 start an enterprise in any EU country that has embraced vat then you definitely should first check the europa vat list before you start importing services or products from such countries.