For those who have started a new business that plans to start trading in goods or services that attract vat or value added tax then you should complete company vat registration process before you start trading. This will likely make sure you get a vat number, issue vat invoices, file your vat returns http://vatcheck.com, and claim vat refunds so as to reduce the financial burden on your business on account of duplicate taxation.
If you are planning to import goods or services from EU countries which have enveloped vat, you’ll certainly require to obtain registered with the relevant vat authorities throughout your home country. You can utilize vat online services that will allow you register for a vat refund when you import goods or services that have already paid vat in the country of origin. Once you are over the vat threshold limit set by the country to turn into a vat registered dealer, you can complete the necessary vat form so as to get your vat no and begin trading like a registered vat trader.
For example, if you’re already trading in the UK and also have crossed over the minimum vat limit in taxable sales in the last Twelve months, then you can apply for company vat registration. You will need to contact your local hmrc vat department or the customs and excise customs vat department to begin the process for vat registration. You can go to their webpage and fill in the web based form to set the ball rolling for quick registration. You’ll also need to do an in depth study about the actual vat rates about the products that you propose to trade in, if you plan to begin a fresh business.
While vat rules are very simple to comprehend, it might make better sense to appoint a vat agent or vat consultant, particularly if you intend to import goods from other EU States where vat would have already been paid before shipping it to your country. This move will help you reclaim vat in those countries in order to get to actual costing figures for your products. You will also need to file regular vat returns stating your purchase, sales, vat collected and vat sum to be paid for that specific period. A competent vat agent would be in a better position to deal with your vat requirements so that you can concentrate on other avenues to boost revenues of your business.
There are different vat rates on different services and goods while certain items and services are also vat exempt. If you haven’t registered for vat then you can certainly start trading but will not be permitted to collect vat or claim any vat refunds until your business is vat registered. Anyway, almost every other firms that you deal with will require your vat registration before they commence business together with you in order that the vat chain isn’t interrupted.
In case you have started a business or are intending to do it in the near future you will need to obtain registered for uk vat as well as eu vat, specifically if you plan to contend with other EU countries. This will allow you to claim vat which has already been paid as well as control your product costs by remaining within the vat cycle. You should certainly complete company vat registration process before you begin trading on a large scale in order to corner all benefits offered by vat.