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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 is only going to bear fruit if 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 costs are kept at the very least and that the problem of double taxation does not eat into 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 such as the UK, Spain, Greece, Italy, Germany, France, Poland, Netherlands, Sweden, and Hungary, among others have adapted vat and most countries have also shifted to vatcheck.com/vat one common currency, i.e. the Euro. This move has facilitated smoother trading between these countries and if you want to begin a business in an EU country which has changed to vat then appropriate knowledge of eu vat rules is mandatory for keeping a tight leash on your costs.

Any goods or services that you import in your country will attract customs or excise duties as well as import vat, based on its classification. In order to charge vat to the customers, you’ll need to turn into a vat registered dealer, which can be done as soon as you cross the vat threshold in taxable sales. You can now make a vat invoice in 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 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 may be paid then you can reclaim the vat amount. You are able to claim vat amount on goods where vat was already paid by applying for your vat refund in the original country. In case you or your workers have attended trade shows or paid vat on some other services in another country, you’ll be able to still file for a vat reclaim to recuperate the amount of vat paid.

The eu vat rates various eu countries range between 15 to 25%, while special vat rates on certain goods and services range from 1 to 6%. There are also certain goods that are vat exempt. These rates can easily make a big difference in your product costs and if you are able to recover any tax which has already been paid this can easily make a positive impact on your business bottom-line. A professional and trusted vat agent can surely help you. Make sure you 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 products or services, and this is great news if you intend to begin a new business in that country. Your costing process becomes simpler and you will surely be able to recover vat amounts which may have already been charged previously. However, you should surely confirm all european vat rules before importing goods into an EU State so as to defend your fledgling business from the financial shocks.