For those who have started a new 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, 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 obtain registered with the relevant vat authorities in your own country. You might use vat online services that will allow you sign up for a vat refund whenever you import services or goods which have already paid 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 are able to http://vatvalidation.com/vat fill out the required 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 also have crossed over the minimum vat limit in taxable sales in the last Twelve months, then you can make an application for company vat registration. You will need to speak to your local hmrc vat department or customs and excise customs vat department to start the process for vat registration. You can go to their website and fill in the web based form to set the ball rolling for quick registration. You’ll 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 very simple to comprehend, it might make better sense to appoint a vat agent or vat consultant, especially if you plan to import goods from other EU States where vat might have already been paid before shipping it to your country. This move will help you reclaim vat in those countries so as to arrive at actual costing figures for the products. You will also need 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 would be in a stronger position to deal with your vat requirements to help you concentrate on other avenues to increase revenues of your business.
There are 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 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 contend with will require your vat registration before they commence business with you in order that the vat chain is not interrupted.
If you have started a business or are planning to do so in the future you will need to get registered for uk vat in addition to eu vat, especially if you want to deal with other EU countries. This may allow you to claim vat which has previously 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.