For those who have started a fresh business that intends to start trading in services or goods that attract vat or vat then you should complete company vat registration process before you start trading. This will likely make sure you get a vat number, issue vat invoices, file your vat returns, and claim vat refunds in order to reduce the financial burden on your own 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 obtain registered with the relevant vat authorities throughout your home country. You might use vat online services which will enable you sign up for a vat refund when you import goods or services that have already paid vat http://vatcontrol.com/vat in the nation of origin. Once you are within the vat threshold limit set by the country to turn into a vat registered dealer, you can complete the necessary vat form so as to get your vat no and start trading like a registered vat trader.
For instance, if you’re 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 speak to your local hmrc vat department or customs and excise customs vat department to begin the process for vat registration. You can visit their website and fill out the web based form to put the ball rolling for quick registration. You will also need 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 very 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 might have already 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 your products or services. You will also need to file regular vat returns stating your purchase, sales, vat collected and vat sum to be paid for that particular period. An efficient vat agent would be in a better position to deal with all your vat requirements so that you can concentrate 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, most other businesses that you contend with will insist on your vat registration before they commence business with you so that the vat chain is not interrupted.
If you have started a business or are planning to do it 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 will enable you to claim vat that has already been paid as well as control your product costs by remaining while in 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.