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 will 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 in the EU have shifted to vat and this 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 has already been paid then you 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 make an application for vat registration in your own country. For instance, in the United Kingdom 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 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 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 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 basic principle of taxes remains the same. All vat friendly countries have a very standard vat rate that is between 15-25%, a particular 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 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 need to enroll the services of an expert vat and import agent so that your products or services are placed 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 getting vat refunds in the nation of origin in order 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 using the internet. There are many websites that allow you to input the country 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 while also protecting you 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’re going to begin an enterprise in a EU country that has embraced vat then you definitely should first look into the europa vat list before you begin importing services or products from such countries.