For those who have started a new business that intends to start trading in goods or services that attract vat or vat then you definitely should complete company vat registration process before you start trading. This will enable you to get a vat number, issue vat invoices, file your vat returns, and claim vat refunds in order to lower the financial burden on your own business on account of duplicate taxation.
If you plan to import services or goods from EU countries that have enveloped vat control vat, you will certainly require to get registered with all the relevant vat authorities in your own country. You might use vat online services that will allow you sign up for a vat refund whenever you import services or goods that have already paid vat in the nation of origin. Once you are over the vat threshold limit set by the country in becoming a vat registered dealer, you can fill out the necessary vat form to get your vat no and start trading as 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 speak to your local hmrc vat department or customs and excise customs vat department to start the process for vat registration. You can go to 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 about the goods that you propose to trade in, if you plan to start a new business.
While vat rules are quite easy 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 also been paid before shipping it to your country. This move will help you to reclaim vat in those countries so as to get to actual costing figures for your products. You will also have to file regular vat returns stating your purchase, sales, vat collected and vat sum to be paid for that particular period. A competent vat agent will be in a better position to deal with all your vat requirements so that you can concentrate on other avenues to increase revenues of your business.
You will find different vat rates on different services and goods while certain items and services may also be 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 enterprise is vat registered. Anyway, most other firms that you contend with will insist on your vat registration before they commence business with you in order that the vat chain isn’t interrupted.
In case you have started an enterprise or are intending to do it in the future you will need to obtain registered for uk vat as well as eu vat, specifically if you plan to deal with other EU countries. This may allow you to claim vat that has previously been paid as well as control your product costs by remaining while in the vat cycle. You ought to certainly complete company vat registration process before you begin trading on a massive so as to corner all benefits offered by vat.