If you have started a fresh business that plans to start trading in services or goods that attract vat or vat then you definitely 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 lower 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 http://vatcontrol.com vat, you’ll certainly require to get registered with all the relevant vat authorities in your own country. You can utilize vat online services that will enable you register for a vat refund when you import goods or services that have already paid vat in the nation of origin. Once 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 to get your vat no and start trading as a registered vat trader.
For example, if you are already trading in the UK and also have crossed over the minimum vat limit in taxable sales in the previous Twelve months, you’ll be able to apply for company vat registration. You need to contact your local hmrc vat department or the customs and excise customs vat department to start the procedure for vat registration. You can go to their website and fill out the online form to set the ball rolling for quick registration. You will also need 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 new business.
While vat rules are quite easy to comprehend, it will make better sense to appoint a vat agent or vat consultant, particularly 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 so as to get to actual costing figures for your products. 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 very stronger position to deal with all your vat requirements to help you focus on other avenues to boost revenues of your business.
You will find different vat rates on different services and goods while certain items and services may also be 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 business is vat registered. Anyway, almost every other firms that you contend with will insist on your vat registration before they commence business with you in order that the vat chain is not interrupted.
In case you have started a business or are planning to do so in the near future then you need to obtain registered for uk vat in addition to eu vat, specifically if you want to contend with other EU countries. This may allow you to claim vat which 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 begin trading on a large scale so as to corner all benefits offered by vat.