If you have started a new business that plans to start trading in goods or services that attract vat or value added tax then you definitely 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 lower the financial burden on your own business due to duplicate taxation.
If you plan to import goods or services from EU countries that have enveloped vat, you will certainly require to get registered with the relevant vat authorities throughout your home country. You might use vat online services which will enable you register for a vat refund when 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 the country in becoming a vat registered dealer, you are able to complete the required vat form to get your vat no and start trading like a registered vat trader.
For instance, if you’re already trading in britain and also have crossed over the minimum vat limit in taxable sales in the previous Twelve months, you’ll be able to make an application 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 webpage and fill out the web based form to put the ball rolling for quick registration. You’ll also have to do a detailed study about the actual vat rates about the products that you propose to trade in, if you plan to begin a new business.
While vat rules are very 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 might have already been paid before shipping it to your country. This move will help you reclaim vat in those countries in order to get to actual costing figures for the products or services. Additionally, you will have to file regular vat returns stating your purchase, sales, vat collected and vat sum to be paid for that specific period. A competent vat agent would be in a stronger position to deal with all your vat requirements so that you can 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 start trading but will not be allowed to collect vat or claim any vat refunds until your enterprise is vat registered. Anyway, most other firms that you contend with will require your vat registration before they commence business with you so that the vat chain is not interrupted.
In case 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 deal with other EU countries. This will allow you to claim vat which has previously been paid and also 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 massive so as to corner all benefits offered by vat.