For those who have started a fresh business that intends 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 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 goods or services from EU countries which have enveloped vat, you will certainly require to get registered with the relevant vat authorities in your own country. You can utilize vat online services which will enable you register for a vat refund when you import services or goods that have already paid vat http://vatcontrol.com/vat in the country of origin. When you are within the vat threshold limit set by the country to turn into a vat registered dealer, you are able to complete the necessary vat form to get your vat no and start trading as a registered vat trader.
For instance, if you’re already trading in the UK and also have crossed over the minimum vat limit in taxable sales in the last 12 months, you’ll be able to apply for company vat registration. You will need to speak to your local hmrc vat department or the customs and excise customs vat department to start the procedure for vat registration. You can visit their website and fill in the online form to put the ball rolling for quick registration. You will also have to do an in depth study about the actual vat rates about the goods that you propose to trade in, if you plan to begin a new 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 your country. This move will help you to reclaim vat in those countries so as 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 specific period. A competent vat agent would be in a stronger position to handle your vat requirements to help you 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 are also vat exempt. If you have not registered for vat then you can certainly start trading but won’t be permitted to collect vat or claim any vat refunds until your business is vat registered. Anyway, almost every other firms that you deal with will require 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 you will need to obtain registered for uk vat in addition to eu vat, especially if you plan to contend with other EU countries. This may allow you to claim vat that has already been paid and also control your product costs by remaining while in the vat cycle. You ought to certainly complete company vat registration process before you start trading on a massive so as to corner all benefits offered by vat.