If you have started a fresh business that plans to start trading in goods or services that attract vat or vat then you 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 so as to reduce the financial burden on your own business due to duplicate taxation.
If you plan to import services or goods from EU countries that have enveloped vat, you’ll certainly require to get registered with all the relevant vat authorities in your own country. You might use vat online services which will enable you sign up for a vat refund when you import goods or services that have already paid vat vatcontrol.com/vat in the country of origin. Once you are over 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 start trading like a registered vat trader.
For instance, if you are already trading in the UK and have crossed over the minimum vat limit in taxable sales in the last 12 months, then you can apply for company vat registration. You need to contact your local hmrc vat department or customs and excise customs vat department to begin the procedure for vat registration. You can visit their website and fill out the online form to set the ball rolling for quick registration. You’ll also have to do an in depth study on the actual vat rates about the goods that you propose to trade in, if you are planning to begin 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 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 reclaim vat in those countries in order 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 amount 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.
There are different vat rates on different goods and services while certain items and services are also vat exempt. If you haven’t registered for vat then you can start trading but won’t 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 together with you so that the vat chain isn’t interrupted.
In case you have started an enterprise or are planning to do so in the future then you need to get registered for uk vat as well as eu vat, especially if you plan to contend with other EU countries. This may enable you to claim vat that has already 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 start trading on a large scale so as to corner all benefits offered by vat.