If you want to import goods and services into your own country that follows vat or value added tax system then knowing about europa vat can save money for your business. You’ll be able to accurately calculate the buying price of your imported products whilst be able to charge the appropriate vat rate when 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. In case you too intend 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 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 United Kingdom you can get vat registered when your taxable sale in the last Twelve months touches £70,000, which is called www.vatverification.com the vat threshold. You will need to contact the hmrc vat department and can even 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 unique vat number.
You can import goods and services 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 remains the 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 and so might the language 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 should enroll the services of an expert 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 have the ability 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 deal with other business in other europa countries that follow vat then you can also cross-check the validity of their vat numbers by using the internet. There are many websites that permit you to input the country code along with the vat number before informing you if your vat number is still valid. This move can save you a lot 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 plan to begin a business in any EU country which has embraced vat then you should first look into the europa vat list before you begin importing products or services from such countries.