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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 inside of 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 cost is kept at a minimum and that the problem of double taxation does not eat in your profits.

Several EU countries have embraced vat or value added tax 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 have also vatvalidation shifted to one 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 to vat then appropriate knowledge of eu vat rules is mandatory for keeping a decent leash on your own costs.

Any services or goods 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 your customers, you’ll have to turn into a vat registered dealer, which may be done as soon as 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 the customers. Additionally, you will need to file regular vat returns determined by 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 in 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 some other services overseas, then you can still file for a vat reclaim to recover the amount of vat paid.

The eu 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 make a big difference in the product costs and when you are able to recover any tax which has previously been paid this can make a positive influence on your business bottom-line. A professional and trusted vat agent can surely help you. Make sure you seek out 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, which is good news if you intend to start a whole new business in that country. Your costing process will become simpler and you’ll surely have the ability to recover vat amounts which may have been charged previously. However, you need to surely confirm all european vat rules before importing goods into an EU State so as to defend your fledgling business from the financial shocks.