If you have started a fresh business that plans 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 vatvalidation. This will likely 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 own business on account of duplicate taxation.
If you plan to import services or goods from EU countries that have enveloped vat, you will certainly require to get registered with the relevant vat authorities throughout your home country. You can utilize vat online services that will allow you sign up for a vat refund when you import goods or services which have already paid vat in the nation of origin. When you are over the vat threshold limit set by the country in becoming a vat registered dealer, you can complete the required vat form so as 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 last Twelve months, you’ll be able to apply for company vat registration. You need to contact your local hmrc vat department or the customs and excise customs vat department to start the process for vat registration. You can visit their website and fill out the online form to put the ball rolling for quick registration. You will also need to do a detailed study about the actual vat rates on the products that you propose to trade in, if you plan to begin a new business.
While vat rules are quite easy to comprehend, it might make better sense to appoint a vat agent or vat consultant, particularly if you intend to import goods from other EU States where vat would have already been paid before shipping it to the country. This move will help you to reclaim vat in those countries so as to arrive at actual costing figures for the products or services. You will also need to file regular vat returns stating your purchase, sales, vat collected and vat sum to be paid for that specific period read this. A competent vat agent will be in a very better position to handle all your vat requirements to help you concentrate on other avenues to boost revenues of your business.
You will find different vat rates on different goods and services while certain items and services may also be vat exempt. If you have not 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 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 an enterprise or are intending to do so in the near future you will need to get registered for uk vat as well as eu vat, especially if you want to deal with other EU countries. This will 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 start trading on a large scale in order to corner all benefits offered by vat.