For those who have started a new business that intends to start trading in services or goods that attract vat or vat then you definitely should complete company vat registration process before you begin trading. This will make sure you get a vat number, issue vat invoices, file your vat returns, and claim vat refunds in order to reduce the financial burden on your business due to duplicate taxation vat registration.
If you plan to import goods or services from EU countries that have enveloped vat, you’ll certainly require to obtain registered with all the relevant vat authorities throughout your home country. You can utilize vat online services which will enable you register for a vat refund whenever you import services or goods which have already paid vat in the country of origin. When you are within the vat threshold limit set by the country in becoming a vat registered dealer, you can complete the necessary vat form so as to get your vat no and begin trading as a registered vat trader.
For example, if you’re already trading in britain and have crossed over the minimum vat limit in taxable sales in the last 12 months, then you can make an application for company vat registration. You will need to speak to your local hmrc vat department or the customs and excise customs vat department to start the procedure for vat registration. You can visit their website and fill in the online form to put the ball rolling for quick registration. You’ll also need to do an in depth study about the actual vat rates on the products that you propose to trade in, if you are planning to start a fresh business.
While vat rules are quite easy to comprehend, it will make better sense to appoint a vat agent or vat consultant, especially if you plan to import goods from other EU States where vat would have also been paid before shipping it to your country. This move will help you to reclaim vat in those countries so as to arrive at actual costing figures for your products. You will also have to file regular vat returns stating your purchase, sales, vat collected and vat amount to be paid for that particular period. An efficient vat agent will be in a stronger position to handle all your vat requirements to help you concentrate on other avenues to boost revenues of your business.
You will find different vat rates on different services and goods while certain items and services are also vat exempt. If you have not registered for vat then you can certainly start trading but won’t be allowed to collect vat or claim any vat refunds until your enterprise is vat registered. Anyway, almost every other businesses that you deal with will require your vat registration before they commence business with you so that the vat chain is not interrupted vat control.
In case you have started a business or are planning to do it in the near future you will need to obtain registered for uk vat as well as eu vat, specifically if you want to contend with other EU countries. This may allow you to claim vat which has already been paid and also control your product costs by remaining while in the vat cycle. You should certainly complete company vat registration process before you start trading on a massive so as to corner all benefits offered by vat.