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Confirm all european vat rules before importing goods into an EU State


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Starting a new business in a vat enabled European State or country is only going to bear fruit should you confirm all european vat rules before importing goods into that EU State. This move will allow you to legally exploit all avenues to make sure that your cost is kept at a minimum and that the issue of double taxation doesn’t eat in your profits.

Several EU countries have embraced vat or vat in the last decade to ensure that trading between such countries proceeds on a common platform. Countries like the UK, Spain, Greece, Italy, Germany, France, Poland, Netherlands, Sweden, and Hungary, among others have adapted vat and most countries in addition have shifted to vatcheck.com/vat a common currency, i.e. the Euro. This move has facilitated smoother trading between these countries and if you would like to start a business in an EU country which has changed over to vat then appropriate comprehension of eu vat rules is mandatory for keeping a decent leash on your costs.

Any goods or services that you import into your country will attract customs or excise duties as well as import vat, based on its classification. To be able to charge vat to the customers, you’ll need to turn into a vat registered dealer, which can be done once you cross the vat threshold in taxable sales. Now you can make a vat invoice inside your country and charge the applicable vat rates to the customers. You will also have to file regular vat returns based on the sales and purchases.

However, if you are located in any european country that follows vat system and also have imported goods to your country where vat was already paid from the original country or used services in a country where vat has been paid you’ll be able to reclaim the vat amount. You can claim vat amount on goods where vat has already been paid by applying for your vat refund in the original country. In the event you or your workers have attended trade shows or paid vat on any other services in another country, you’ll be able to still file for a vat reclaim to recuperate the quantity of vat paid.

The eu vat rates various eu countries range from 15 to 25%, while special vat rates on certain products or services range from 1 to 6%. There’s also certain products which are vat exempt. These rates can make a big difference in your product costs and if you are able to recover any tax which has already been paid then this can make a positive impact on your business bottom-line. An experienced and trusted vat agent can surely help you. You should look for an agent that only takes fees or commissions from vat amounts recovered instead of charging a set fee.

Many countries in Europe have chose a uniform tax system on products or services, which is great news if you plan to begin a whole new business in that country. Your costing process becomes simpler and you’ll surely be able to recover vat amounts that have already been charged previously. However, you should surely confirm all european vat rules before importing goods into an EU State in order to defend your fledgling business from the financial shocks.