For those who have started a fresh business that plans to start trading in services or goods that attract vat or vat 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 in order to reduce the financial burden on your business due to duplicate taxation.
If you are planning to import goods or services from EU countries that have enveloped vat, you’ll certainly require to get registered with all the relevant vat authorities in your own country. You might use vat online services which will enable you register for a vat refund whenever you import goods or services which have already paid vat http://vatcontrol.com/vat in the nation of origin. Once you are over the vat threshold limit set by the country to turn into a vat registered dealer, you are able to fill out the necessary vat form to get your vat no and start trading like a registered vat trader.
For instance, if you are already trading in britain and also have crossed over the minimum vat limit in taxable sales in the previous Twelve months, then you can make an application for company vat registration. You need to contact 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 online form to set the ball rolling for quick registration. You will also need to do an in depth study on the actual vat rates about the goods that you propose to trade in, if you plan to begin a fresh business.
While vat rules are very 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 might have also 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 your products or services. Additionally, you will need 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 better position to deal with your vat requirements to help you 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 have not registered for vat then you can certainly start trading but will not be permitted to collect vat or claim any vat refunds until your business 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 isn’t interrupted.
In case you have started a business or are planning to do so in the future you will need to obtain registered for uk vat as well as eu vat, especially if you want to contend with other EU countries. This may allow you to claim vat that 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 massive in order to corner all benefits offered by vat.