If you have started a fresh business that intends to start trading in services or goods that attract vat or value added tax then you should complete company vat registration process before you start trading. This will 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 obtain registered with all the relevant vat authorities throughout your home country. You can utilize 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. When you are within the vat threshold limit set by the country to turn into a vat registered dealer, you can http://vatvalidation.com/vat fill out the required vat form to get your vat no and start trading like a registered vat trader.
For example, if you are already trading in the UK and 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 will need to speak to your local hmrc vat department or 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 put the ball rolling for quick registration. You’ll also have to do a detailed study about the actual vat rates about the goods that you propose to trade in, if you plan to begin a new 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 intend 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 reclaim vat in those countries so as to arrive at actual costing figures for the products or services. You will also have to file regular vat returns stating your purchase, sales, vat collected and vat sum to be paid for that specific period. An efficient vat agent would be in a very stronger position to handle your vat requirements to help you focus on other avenues to increase revenues of your business.
There are different vat rates on different goods and services while certain items and services are also vat exempt. If you have not registered for vat then you can start trading but will not be permitted to collect vat or claim any vat refunds until your business is vat registered. Anyway, most other businesses that you deal with will require your vat registration before they commence business with you so that the vat chain isn’t interrupted.
In case you have started an enterprise or are planning to do so in the near future you will need to obtain 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 that has already been paid and also control your product costs by remaining while in 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.