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

Starting a new business in a vat enabled European State or country will only 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 ensure that your cost is kept at a minimum and that the problem of double taxation doesn't 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 such as the UK, Spain, Greece, Italy, Germany, France, Poland, Netherlands, Sweden, and Hungary, amongst others have adapted vat and most countries in addition have moved to http://vatcheck.com/vat one common currency, i.e. the Euro. This move has facilitated smoother trading between these countries and if you would like to begin a business in an EU country that has changed over to vat then appropriate comprehension of eu vat rules is required for keeping a decent leash on your costs.

Any goods or services that you import in your country will attract customs or excise duties or even import vat, based on its classification. In order to charge vat to the customers, you will also need to turn into a vat registered dealer, which can be done once you cross the vat threshold in taxable sales. You can now come up with a vat invoice inside your country and charge the applicable vat rates to your customers. You will also have to file regular vat returns determined by your sales and purchases.

However, if you're based 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 may be paid then you can reclaim the vat amount. You can claim vat amount on goods where vat has already been paid by applying for a vat refund in the original country. In the event you or your employees have attended trade events or paid vat on some other services overseas, you'll be able to still apply for a vat reclaim to recuperate the amount of vat paid.

The european 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's also certain goods that are vat exempt. These rates can easily make a big difference in the product costs and if you can recover any tax which has already been paid this can easily make a positive influence on your enterprise bottom-line. A professional and trusted vat agent can surely help you out. 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 opted for a uniform tax system on products or services, and this is great news if you plan to begin a new business in such a country. Your costing process becomes simpler and you'll surely have the ability to recover vat amounts that have already 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.