For those who have started a new business that plans to start trading in goods or services that attract vat or value added tax 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 http://vatcheck.com, and claim vat refunds so as to reduce 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 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 when you import services or goods that have already paid vat in the nation of origin. When you are over the vat threshold limit set by your country in becoming a vat registered dealer, you can complete the necessary vat form to get your vat no and start trading like a registered vat trader.
For instance, if you are already trading in the UK and also have crossed over the minimum vat limit in taxable sales in the previous 12 months, then you can make an application for company vat registration. You need to contact your local hmrc vat department or customs and excise customs vat department to start the procedure for vat registration. You can go to their webpage and fill out the web based form to put the ball rolling for quick registration. You’ll also need to do a detailed study on the actual vat rates on the products that you propose to trade in, if you are planning to begin a fresh 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 intend to import goods from other EU States where vat might have also been paid before shipping it to the country. This move will help you to reclaim vat in those countries in order to get to actual costing figures for your products or services. Additionally, you will have to file regular vat returns stating your purchase, sales, vat collected and vat amount to be paid for that specific period. A competent vat agent would be in a stronger position to handle 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 have not registered for vat then you can certainly start trading but won’t be allowed to collect vat or claim any vat refunds until your business is vat registered. Anyway, almost every other firms that you deal with will insist on your vat registration before they commence business with you in order 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 get registered for uk vat in addition to eu vat, specifically if you plan to contend with other EU countries. This may enable you to claim vat which has previously been paid as well as control your product costs by remaining within the vat cycle. You ought to certainly complete company vat registration process before you begin trading on a massive in order to corner all benefits offered by vat.