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


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Starting a new business venture in a vat enabled European State or country will only 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 ensure that your costs are kept at the very least and that the issue of double taxation doesn’t eat in your profits.

Several EU countries have embraced vat or vat over the past decade so that trading between such countries proceeds on a common platform. Countries like the UK, Spain, Greece, Italy, Germany, France, Poland, Netherlands, Sweden, and Hungary, amongst others have adapted vat and many countries have also vatvalidation.com shifted to one common currency, i.e. the Euro. This move has facilitated smoother trading between these countries if you would like to begin a business in an EU country which has changed to vat then appropriate knowledge of eu vat rules is mandatory to keep a decent leash on your own costs.

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

However, if you’re based in any european country that follows vat system and have imported goods into 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 a vat refund inside the original country. In the event you or your employees have attended trade shows or paid vat on any other services in another country, you’ll be able to still apply for a vat reclaim to recover the quantity of vat paid.

The european vat rates various eu countries range from 15 to 25%, while special vat rates on certain products or services vary from 1 to 6%. There’s also certain products which are vat exempt. These rates can easily make a big difference in the product costs and if you can recover any tax that has already been paid then this can make a positive influence on your enterprise bottom-line. A professional 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 flat fee.

Many countries in Europe have chose a uniform tax system on goods and services, and this 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 which may have 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.