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 start trading. This will likely
enable you to 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 on account of duplicate taxation.
If you plan to import goods or services from EU countries which have enveloped vat, you will certainly require to get registered with all the relevant vat authorities in your own country. You can utilize vat online services which will enable you register for a vat refund whenever you import services or goods which have already paid vat in the country of origin. When you are within the vat threshold limit set by your country in becoming a vat registered dealer, you are able to complete the necessary vat form so as to get your vat no and start trading as a registered vat trader.
For example, if you’re already trading in britain and also have crossed over the minimum vat limit in taxable sales in the last 12 months, then you can apply for company vat registration. You will need to speak to your local hmrc vat department or the customs and excise customs vat department to begin the procedure for vat registration. You can go to their website and fill in the web based form to put the ball rolling for quick registration. You will also need to do a detailed study on the actual vat rates about the products that you propose to trade in, if you plan 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 plan to import goods from other EU States where vat would have already been paid before shipping it to your country. This move will help you reclaim vat in those countries so as to get to actual costing figures for the 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. 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 boost revenues of your business.
There are different vat rates on different goods and services 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, almost every other firms that you contend with will require your vat registration before they commence business together with you so that the vat chain is not interrupted.
If you have started a business or are intending to do it in the near future then you need to get registered for uk vat in addition to eu vat, especially if you plan to contend 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 within 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