For those who have started a new business that intends to start trading in goods or services that attract vat or value added tax then you should complete company vat registration process before you begin trading. This will make sure you get a vat number, issue vat invoices, file your vat returns, and claim vat refunds so as 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’ll certainly require to get registered with the relevant vat authorities throughout your home country. You can utilize vat online services that will enable you register for a vat refund whenever you import goods or services vat registration number that have already paid vat in the nation of origin. Once you are within the vat threshold limit set by the country in becoming a vat registered dealer, you are able to complete the necessary vat form to get your vat no and begin trading as a registered vat trader.
For instance, if you’re already trading in the UK and have crossed over the minimum vat limit in taxable sales in the previous Twelve months, then you can apply 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 visit their webpage and fill out the online form to set the ball rolling for quick registration. You’ll also have to do an in depth study about the actual vat rates about the goods that you propose to trade in, if you are planning to start a new business.
While vat rules are very simple to comprehend, it might 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 the country. This move will help you reclaim vat in those countries in order to get to actual costing figures for the products. Additionally, you will have to file regular vat returns stating your purchase, sales, vat collected and vat amount to be paid for that specific period. An efficient vat agent would be in a better position to handle your vat requirements to help you focus 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 are also vat exempt. If you haven’t registered for vat then you can start trading but will not be allowed to collect vat or claim any vat refunds until your enterprise is vat registered. Anyway, most other businesses that you deal with will require your vat registration before they commence business together with you so that the vat chain is not interrupted.
In case you have started a business or are planning to do it in the near future you will need to get registered for uk vat in addition to eu vat, specifically if you want 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 large scale so as to corner all benefits offered by vat.