For those who have started a new business that intends to start trading in goods or services that attract vat or vat then you should complete company vat registration process before you start trading. This will likely enable you to get a vat number, issue vat invoices, file your vat returns vatcheck.com, and claim vat refunds so as to reduce the financial burden on your business on account of duplicate taxation.
If you are planning to import goods or services from EU countries that 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 enable you register for a vat refund when you import goods or services that have already paid vat in the country of origin. Once you are within the vat threshold limit set by your country to turn into a vat registered dealer, you are able to complete the required vat form to get your vat no and start trading as a registered vat trader.
For instance, if you are already trading in the UK and have crossed over the minimum vat limit in taxable sales in the last Twelve 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 process for vat registration. You can go to their website and fill in the online form to put the ball rolling for quick registration. You’ll also need to do an in depth study about the actual vat rates on the goods that you propose to trade in, if you plan to begin a fresh 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 also 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 the 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 will be in a very better position to deal with all your vat requirements so that you can concentrate on other avenues to increase 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 will not be permitted to collect vat or claim any vat refunds until your business is vat registered. Anyway, most other businesses that you deal with will insist on your vat registration before they commence business together with you so that the vat chain is not interrupted.
If you have started an enterprise or are planning to do so in the future then you need to obtain registered for uk vat as well as eu vat, especially if you want to deal with other EU countries. This may allow you to claim vat that 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 start trading on a large scale so as to corner all benefits offered by vat.