For those who have started a new business that plans 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, and claim vat refunds in order to lower the financial burden on your business on account of duplicate taxation.
If you plan to import services or goods from EU countries which have enveloped vat, you will certainly require to obtain registered with all the relevant vat authorities in your own country. You can utilize vat online services which will enable you sign up for a vat refund whenever you import services or goods that have already paid vat http://vatcontrol.com/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 required vat form to get your vat no and start trading like a registered vat trader.
For instance, if you’re already trading in britain and also have crossed over the minimum vat limit in taxable sales in the previous Twelve 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 start the process for vat registration. You can visit their webpage and fill in the online form to set the ball rolling for quick registration. You will also need to do an in depth study on the actual vat rates about the products that you propose to trade in, if you are planning to begin 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 might have also been paid before shipping it to your country. This move will help you to 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 particular period. A competent vat agent would be in a very better position to deal with all 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 may also be vat exempt. If you haven’t registered for vat then you can start trading but won’t be allowed 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 with you in order that the vat chain is not interrupted.
In case you have started a business or are planning to do it in the near future then you need to obtain registered for uk vat in addition to eu vat, specifically if you want to deal with other EU countries. This will enable you to claim vat which has already been paid as well as control your product costs by remaining while in the vat cycle. You should certainly complete company vat registration process before you begin trading on a massive in order to corner all benefits offered by vat.