If you wish 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 Http://vatcheck.com. You’ll 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 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 was already paid in the original country of export. If you too intend to import goods where vat was already paid then you definitely can also 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 need to apply for vat registration in your own country. For instance, in the UK you can get vat registered when 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 can 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 distinct vat number.
You may import services and goods 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 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 services of a professional vat and import agent so your goods and services are placed in the appropriate classification as deemed fit by relevant tax authorities. Your agent should also have the ability to help you in filing regular vat returns and getting vat refunds in the nation of origin so as 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 the vat numbers by using the internet. There are several 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 money while also keeping you safe from unscrupulous businesses and folks.
Conducting business with vat friendly eu countries will ensure that your paperwork proceeds in a seamless manner due to the common platform of vat. If you’re going to begin an enterprise in a EU country which has embraced vat then you definitely should first look into the europa vat list before you start importing services or products from such countries.