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Complete company vat registration process before you start trading


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For those who have started a new business that plans 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 start trading. This will enable you to get a vat number, issue vat invoices, file your vat returns http://www.vatcheck.com, and claim vat refunds in order to lower 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’ll certainly require to get registered with all the relevant vat authorities in your own country. You might use vat online services that will enable you sign up for a vat refund when you import goods or services that have already paid vat in the nation of origin. Once you are within the vat threshold limit set by the 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 example, if you are already trading in britain and 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 speak to your local hmrc vat department or the customs and excise customs vat department to begin the procedure for vat registration. You can go to their website and fill out the web based form to put 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 begin 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 would have also been paid before shipping it to your country. This move will help you to reclaim vat in those countries so as to get to 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. An efficient vat agent would be in a very better position to handle your vat requirements so that you can concentrate on other avenues to boost revenues of your business.

There are 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 won’t be allowed to collect vat or claim any vat refunds until your business is vat registered. Anyway, most other businesses that you contend with will require 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 near future then you need to get registered for uk vat as well as eu vat, specifically if you plan to deal with other EU countries. This will enable you to claim vat that 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.