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 begin trading. This will 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 business on account of duplicate taxation vat check.
If you plan to import services or goods from EU countries which have enveloped vat, you’ll certainly require to get registered with all the relevant vat authorities throughout your home country. You might use vat online services which will allow you sign up for a vat refund when you import goods or services which have already paid vat in the country of origin. When you are over the vat threshold limit set by the country to turn into a vat registered dealer, you are able to fill out the required 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 12 months, you’ll be able to make an application for company vat registration. You need to contact your local hmrc vat department or customs and excise customs vat department to begin the process for vat registration. You can go to their webpage and fill out the web based 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 goods 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, particularly if you plan to import goods from other EU States where vat would have also 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 the products. You will also need to file regular vat returns stating your purchase, sales, vat collected and vat amount to be paid for that specific period. An efficient 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 may also be vat exempt. If you have not registered for vat then you can certainly start trading but will not be permitted 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 together with you so that the vat chain isn’t interrupted vat verification.
If you have started a business or are intending to do so in the near future you will need to obtain registered for uk vat as well as eu vat, specifically if you want to deal with other EU countries. This may allow you to claim vat which 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 begin trading on a large scale in order to corner all benefits offered by vat.