If you wish to import products or services to your own country that follows vat or value added tax system then being aware of europa vat will save money for your business Http://www.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 whenever you sell them in local markets.
Most countries in 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. In case you too intend to import goods where vat has already been paid then you definitely too can 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 begin issuing vat invoices to your clients, you will have to apply for vat registration in your own country. For instance, 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 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 gets the necessary registration then you can charge vat rates as prescribed by the department through a vat invoice that mentions your distinct vat number.
You can 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 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 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 can 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 in the appropriate classification as deemed fit by relevant tax authorities. Your agent must also have the ability to assist you in filing regular vat returns and getting 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 deal with 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 many websites that allow you to input the country code and the vat number before informing you if the vat number is still valid. This move can save you lots of hassle and funds while also 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’re going to begin an enterprise in any EU country which has embraced vat then you should first look into the europa vat list before you start importing products or services from such countries.