Knowing about europa vat can help to save money for your business
If you wish 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.
www.vatverification.com
You will be able to accurately calculate the buying price of your imported products while also be able to charge the appropriate vat rate whenever you sell them in local markets.
Most countries within the EU have shifted to vat which helps achieve uniformity in cross-country imports and exports. It’s 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 was already paid then you can also apply for vat reclaim in the country of origin with supporting documents that show the local sales together 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 will get vat registered when your taxable sale in the last Twelve months touches £70,000, which is called the vat threshold. You will have to contact the hmrc vat department and may use their vat online services to fill the vat form to get vat registration. Once 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 many europa vat countries including Sweden, UK, France, Germany, Greece, Spain, Italy, Poland, and many others. Although customs duties, excise duties and import vat might differ in each eu country, the essential principle of taxes continues to be 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 language 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 should enroll the services of an expert vat and import agent so your products or services are put in the appropriate classification as deemed fit by relevant tax authorities. Your agent should also have the ability to help you in filing regular vat returns and getting vat refunds in the nation 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 many websites that allow you to input the country code and the vat number before informing you if your vat number is still valid. This move can help you save a lot of hassle and funds 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’re going to start a business in a EU country which has embraced vat then you should first check the europa vat list before you begin importing products or services from such countries.