If you have started a new business that intends to start trading in services or goods that attract vat or vat then you should complete company vat registration process before you start trading. This will make sure you 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 own business on account of duplicate taxation.
If you plan to import goods or services from EU countries which have enveloped vat, you will certainly require to obtain registered with all the relevant vat authorities in your own country. You might use vat online services which will enable you sign up for a vat refund when you import services or goods which have already paid vat in the country of origin. Once you are over the vat threshold limit set by the country to turn into a vat registered dealer, you can complete the necessary vat form to get your vat no and start trading as a registered vat trader.
For example, if you’re already trading in the UK and have crossed over the minimum vat limit in taxable sales in the previous Twelve months, then you can make an application for company vat registration. You will need to speak to your local hmrc vat department or customs and excise customs vat department to start the process for vat registration. You can go to their webpage and fill in the web based form to put the ball rolling for quick registration. You will also need to do an in depth study on the actual vat rates on 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 will make better sense to appoint a vat agent or vat consultant, especially if you intend to import goods from other EU States where vat would have also been paid before shipping it to the country. This move will help you reclaim vat in those countries in order to arrive at actual costing figures for the products or services. 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. A competent vat agent would be in a better position to deal with all your vat requirements so that you can concentrate on other avenues to increase revenues of your business.
There are 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 will not 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 insist on your vat registration before they commence business with you so that the vat chain is not interrupted.
In case you have started a business or are planning to do it in the future then you need to obtain registered for uk vat as well as eu vat, specifically if you want to contend with other EU countries. This will enable you to claim vat that has previously been paid and also 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.