If you want to import products or services to your own country that follows vat or value added tax system then knowing about europa vat can save money in your business vatcheck-com. You’ll be able to accurately calculate the buying price of your imported products while also be able to charge the correct vat rate when you sell them in local markets.
Most countries in the EU have shifted to vat and this helps 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. In case you too plan to import goods where vat was already paid then you definitely 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 United Kingdom you can get vat registered once your taxable sale in the last 12 months touches £70,000, which is called the vat threshold. You will need to contact the hmrc vat department and can use their vat online services to fill the vat form to get vat registration. When your business gets 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 basic principle of taxes continues to be same. All vat friendly countries have a standard vat rate which 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 but the formula for calculating vat remains the same in all these countries.
Since customs, excise and vat rules might be a bit complicated to decipher, you should enroll the services of a professional 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 must also have the ability to help you in filing regular vat returns and applying for vat refunds in the nation 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 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 your vat number remains to be 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 start an enterprise in a EU country that has embraced vat then you should first check the europa vat list before you start importing products or services from such countries.