Understanding europa vat can help to save money for your business

 

If you want to import goods and services to your own country that follows vat or value added tax system then knowing about europa vat can save money in your business Http://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 when you sell them in local markets.

Most countries in the EU have shifted to vat which 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. In case you too plan to import goods where vat was already paid then you can also make an application for vat reclaim in the country of origin with supporting documents that show the 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 example, in the United Kingdom you can get vat registered once your taxable sale in the last 12 months touches £70,000, which is known as the vat threshold. You will have to contact the hmrc vat department and may 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 distinct vat number.

You may import services and goods 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 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 might be a bit complicated to decipher, you should enroll the expertise of a professional vat and import agent so your products or services are placed 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 into 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 their vat numbers by utilizing the internet. There are several websites that permit you to input the country code and the vat number before informing you if the vat number is still valid. This move can help you save a lot of hassle and funds whilst 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 thanks to the common platform of vat. If you’re going to start a business in a EU country which has embraced vat then you definitely should first check the europa vat list before you begin importing products or services from such countries.