If you want to import goods and services to your own country that follows vat or value added tax system then being aware of 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 whenever you sell them in local markets.
Most countries within the EU have shifted over to vat which has helped 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 has already been paid then you can also apply 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 example, in the UK you can get vat registered once 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 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 unique vat number.
You may 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 remains the 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 should enroll the expertise 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 have the ability 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 allow you to input the country code and the vat number before informing you if your vat number is still valid. This move can save you lots of hassle and money whilst keeping you safe from unscrupulous businesses and individuals.
Conducting business with vat friendly eu countries will guarantee 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 that has embraced vat then you should first look into the europa vat list before you start importing products or services from such countries.