If you wish to import goods and services to your own country that follows vat or value added tax system then knowing about europa vat can save money for your business Vatcheck.com. You'll be able to accurately calculate the cost of your imported products whilst have the ability to charge the appropriate vat rate whenever you sell them in local markets.
Most countries within the EU have shifted over 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 definitely too can make an application for vat reclaim in the country of origin with supporting documents that show your local sales along 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 once your taxable sale during the last 12 months touches £70,000, which is called the vat threshold. You will have to contact the hmrc vat department and may even use their vat online services to fill up the vat form to get 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 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 essential principle of taxes continues to be same. All vat friendly countries have a 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 need to enroll the services of a professional vat and import agent so your goods and services are placed within 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 applying for vat refunds in the country of origin so as to return the doubly-charged tax amount back to 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 the 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 your vat number remains 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 thanks to the common platform of vat. If you're going to start a business in a EU country which has embraced vat then you definitely should first check the europa vat list before you begin importing products or services from such countries.