If you have started a fresh business that intends to start trading in goods or services that attract vat or vat then you should complete company vat registration process before you start trading. This will likely
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 own 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 the relevant vat authorities throughout your home country. You might use vat online services which will allow you sign up for a vat refund whenever you import services or goods that have already paid vat in the nation of origin. Once 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 like a registered vat trader.
For example, if you’re already trading in britain and have crossed over the minimum vat limit in taxable sales in the last Twelve months, then you can 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 procedure for vat registration. You can visit their website and fill out the web based form to put the ball rolling for quick registration. You will also need to do an in depth study about the actual vat rates on the products that you propose to trade in, if you are planning to start a fresh business.
While vat rules are very simple 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 also been paid before shipping it to your country. This move will help you to reclaim vat in those countries so as to get to actual costing figures for your 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 particular period. A competent vat agent will be in a very better 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 goods and services while certain items and services may also be vat exempt. If you haven’t 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, almost every other firms 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 an enterprise or are planning to do so in the near future then you need to obtain registered for uk vat as well as eu vat, especially if you want to contend with other EU countries. This will enable you to claim vat which has already 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 large scale in order to corner all benefits