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 doing business then you can make sure that your taxation needs are handled professionally. Now you can focus on your business if you are paying heed to advice that can help save time, effort and funds over time.
Several countries within the European Union such as the UK have shifted to vat or value added tax as an efficient way of collecting taxes on goods and services while increasing their revenues at the same time. In case you are trading in the UK and need to import goods from other non eu or eu countries while selling them in local markets then you might soon be eligible for vat registration. Once your taxable sales touch the magic figure of ?70,000 during the past calendar year you will have to make an application for vat registration, a procedure which will normally reward you with your own vat certificate inside 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 manner http://vatcheck.com/vat. It is in these conditions that this vat advice will reward you with efficient tax collection, timely vat returns and successful vat refunds. You should firstly hire a professional and sincere vat agent which is totally conversant with each aspect of uk vat and eu vat rules. In addition you too should pick up much more knowledge on various facets of vat other than simply understanding what is vat.
Your vat agent could guide you on how to make an application for vat registration by attesting all the documents so that you get a vat number within the least amount of time additional reading. It’s also advisable to follow all guidelines provided 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 an internet enabled-computer too should be used to use all vat online services offered by hmrc to the fullest. It’s also advisable to pay heed to any or all vat classifications from hmrc so that there is no confusion in slotting your goods or services within 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 should ensure that you always stay on the right side of vat rules so as to get it right the first time around. If 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 in time and rectified immediately before it reaches the concerned vat department.
Although vat is a fairly easy tax system to understand and implement, you’ll probably still end up making costly mistakes due to large volumes, or shortage of time or attention. In such instances, following these vital vat advice tips will guarantee that you collect and pay your vat dues on time and also recover all vat refunds without facing any resistance from any quarter.