For those who have started a new business that plans to start trading in services or goods that attract vat or value added tax then you definitely should complete company vat registration process before you begin trading. This will likely make sure you get a vat number, issue vat invoices, file your vat returns http://vatcheck.com, and claim vat refunds in order to reduce the financial burden on your business on account of duplicate taxation.
If you are planning to import services or goods from EU countries which have enveloped vat, you’ll 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 register for a vat refund when you import goods or services which have already paid vat in the nation of origin. Once you are within the vat threshold limit set by the country in becoming a vat registered dealer, you are able to fill out the required vat form to get your vat no and start trading as 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 12 months, you’ll be able to apply 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 webpage and fill out the online form to set 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 start a fresh business.
While vat rules are quite easy to comprehend, it might make better sense to appoint a vat agent or vat consultant, especially if you plan to import goods from other EU States where vat would have already been paid before shipping it to the country. This move will help you reclaim vat in those countries in order to get to actual costing figures for your products or services. You will also need to file regular vat returns stating your purchase, sales, vat collected and vat amount to be paid for that particular period. A competent vat agent will be in a stronger position to deal with your vat requirements to help you 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 are also 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, most other firms that you deal with will insist on your vat registration before they commence business with you so that the vat chain is not interrupted.
In case you have started an enterprise or are intending to do it in the future then you need to get registered for uk vat in addition to eu vat, especially if you plan to contend with other EU countries. This will allow 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 start trading on a massive in order to corner all benefits offered by vat.