If you have started a new business that plans to start trading in services or goods that attract vat or value added tax 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 business due to duplicate taxation.
If you are planning to import goods or services from EU countries that have enveloped http://vatcontrol.com vat, you will certainly require to get registered with the relevant vat authorities in your own country. You can utilize vat online services that will allow you register for a vat refund whenever you import services or goods which have already paid vat in the nation of origin. When you are within the vat threshold limit set by your country in becoming a vat registered dealer, you can complete the required 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 previous 12 months, then you can make an application for company vat registration. You will need to contact your local hmrc vat department or the customs and excise customs vat department to start the procedure for vat registration. You can go to their webpage and fill out the online form to set the ball rolling for quick registration. You will also have to do an in depth study about the actual vat rates on the products that you propose to trade in, if you plan to start a fresh business.
While vat rules are quite easy 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 also been paid before shipping it to the country. This move will help you reclaim vat in those countries in order to arrive at actual costing figures for your products. Additionally, you will have 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 would be in a very better position to deal with all your vat requirements to help you 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 won’t be permitted to collect vat or claim any vat refunds until your enterprise is vat registered. Anyway, most other firms that you deal with will insist on your vat registration before they commence business together with you in order that the vat chain is not interrupted.
In case you have started an enterprise or are planning to do so in the near future you will need to get registered for uk vat in addition to eu vat, especially if you plan to contend with other EU countries. This will enable you to claim vat that has previously been paid and also 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 large scale in order to corner all benefits offered by vat.