Starting and running a business in the UK in this time of competition is indeed tough, but if you pay heed to valuable VAT advice while conducting business then you can make sure that your taxation needs are handled professionally. Now you can concentrate on your business by paying heed to advice that can help save your time, effort and funds in the long run.
Several countries in the EU such as the UK have shifted to vat or value added tax as a possible efficient method of collecting taxes on services and goods while increasing their revenues simultaneously. In case you are trading in the UK and want to import goods from other non eu or eu countries while selling them in local markets then you might soon find yourself qualified for vat registration. As soon as your taxable sales touch the magic figure of ?70,000 during the past 12 months then you will have to apply for vat registration, a process which will normally reward you with your own vat certificate within a month.
Upon turning into a vat registered trader, you will have to follow several vat regulations to stay clear of rubbing the hmrc vat department the wrong way http://vatcheck.com/vat. It is in such conditions that this vat advice will reward you with efficient tax collection, timely vat returns and successful vat refunds. You ought to firstly hire a professional and sincere vat agent that is totally conversant with each facets of uk vat and eu vat rules. In addition you too should acquire much more knowledge on various facets of vat besides simply knowing what is vat.
Your vat agent would be able to guide you on how to apply for vat registration by attesting all the documents so that you will get your vat number within the least amount of time next page. You should also follow all guidelines given by hmrc vat while issuing each vat invoice so that vat rates and amounts are displayed clearly. An easy-to-use vat accounting software package together with a web enabled-computer too ought to be utilized to make use of all vat online services proposed by hmrc to the fullest. You should also pay heed to any or all vat classifications from hmrc to ensure there is no confusion in slotting your services or goods in the 14,000 classifications specified by hmrc.
It is also very important to file your vat returns on time as well as scrutinize each vat refund application thoroughly before applying for the very same. Newer vat rules from the hmrc vat department advocate stricter fines and you ought to just be sure you always stay on the right side of vat rules so as to get it right the first time around. In case your business involves many vat transactions and refunds or imports from various vat friendly countries then regular vat audits will make sure that any mistake is caught well on time and rectified immediately before it reaches the concerned vat department.
Although vat is a reasonably easy tax system to understand and implement, you’ll probably still end up making costly mistakes as a result of large volumes, or shortage of one’s or attention. In such cases, following these vital vat advice tips will guarantee that you collect and pay your vat dues in time and also recover all vat refunds without facing any resistance from any quarter.