For those who have started a fresh business that plans to start trading in services or goods that attract vat or value added tax then you should complete company vat registration process before you begin trading. This will likely 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 business on account of duplicate taxation.
If you plan to import services or goods from EU countries which have enveloped www.vatcontrol.com vat, you will certainly require to get registered with the relevant vat authorities throughout your home country. You can utilize vat online services that will allow you sign up for a vat refund whenever you import services or goods that have already paid vat in the country of origin. When you are over the vat threshold limit set by your country in becoming a vat registered dealer, you can fill out the required vat form so as 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 last Twelve months, you’ll be able to make an application for company vat registration. You will need to contact 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 set the ball rolling for quick registration. You will also need to do an in depth study about the actual vat rates about the goods that you propose to trade in, if you are planning to begin a new 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 would have already been paid before shipping it to the country. This move will help you to reclaim vat in those countries so as to get to actual costing figures for the 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 specific period. An efficient vat agent will be in a better position to deal with all your vat requirements so that you can focus 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 certainly start trading but will not be allowed to collect vat or claim any vat refunds until your enterprise is vat registered. Anyway, almost every other firms that you contend with will insist on your vat registration before they commence business together with you in order that the vat chain is not interrupted.
If you have started a business or are intending to do it in the future you will 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 already been paid and also 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 so as to corner all benefits offered by vat.