If you have started a fresh business that intends to start trading in services or goods that attract vat or vat then you should complete company vat registration process before you start trading. This will make sure you get a vat number, issue vat invoices, file your vat returns Vatcheck.com, and claim vat refunds in order to lower the financial burden on your business due to duplicate taxation.
If you are planning to import services or goods from EU countries that have enveloped vat, you will certainly require to get registered with all the relevant vat authorities throughout your home country. You might use vat online services that will enable you register for a vat refund whenever you import goods or services that have already paid vat in the country of origin. When you are within the vat threshold limit set by your country in becoming a vat registered dealer, you are able to complete the required vat form so as to get your vat no and begin trading like a registered vat trader.
For example, if you are already trading in britain and have crossed over the minimum vat limit in taxable sales in the previous 12 months, you’ll be able to make an application for company vat registration. You need to speak to 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 website and fill in the online 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 are planning to start a fresh business.
While vat rules are quite simple to comprehend, it will make better sense to appoint a vat agent or vat consultant, particularly if you plan to import goods from other EU States where vat would have already been paid before shipping it to the country. This move will help you to reclaim vat in those countries in order to arrive at actual costing figures for the products or services. Additionally, you will need 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 better position to handle all your vat requirements so that you can focus on other avenues to boost revenues of your business.
You will find different vat rates on different goods and services while certain items and services are also vat exempt. If you have not 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 businesses that you deal with will insist on your vat registration before they commence business with you so that the vat chain isn’t interrupted.
In case you have started an enterprise or are intending to do it in the future then you need to get registered for uk vat as well as eu vat, especially if you want to contend with other EU countries. This will allow you to claim vat that has previously been paid as well as control your product costs by remaining within the vat cycle. You ought to certainly complete company vat registration process before you start trading on a large scale in order to corner all benefits offered by vat.