For those who have started a new business that plans 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 enable you to get a vat number, issue vat invoices, file your vat returns, and claim vat refunds so as to reduce the financial burden on your own business on account of duplicate taxation.
If you are planning to import services or goods 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 that will enable you sign up for a vat refund when you import services or goods vatregistrationnumber.com which have already paid vat in the country of origin. When you are over the vat threshold limit set by the country to turn into a vat registered dealer, you can fill out the required vat form so as to get your vat no and start trading like a registered vat trader.
For example, if you are 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 need to contact your local hmrc vat department or the customs and excise customs vat department to begin the process 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 an in depth study on the actual vat rates about the products that you propose to trade in, if you plan to start a new business.
While vat rules are quite simple 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 would have also been paid before shipping it to your country. This move will help you reclaim vat in those countries in order to arrive at actual costing figures for the products or services. Additionally, you will need 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 will be in a better position to handle all your vat requirements so that you can focus on other avenues to boost 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 will not be permitted to collect vat or claim any vat refunds until your enterprise is vat registered. Anyway, most other businesses that you deal with will insist on your vat registration before they commence business together with you in order that the vat chain is not interrupted.
In case you have started an enterprise or are planning to do it in the near future then you need to get registered for uk vat in addition to eu vat, especially if you want to contend with other EU countries. This may enable you to claim vat that has previously been paid as well as control your product costs by remaining within the vat cycle. You should certainly complete company vat registration process before you begin trading on a large scale so as to corner all benefits offered by vat.