For those who have started a fresh business that plans to start trading in goods or services that attract vat or vat then you definitely should complete company vat registration process before you begin trading. This will likely enable you to get a vat number, issue vat invoices, file your vat returns, and claim vat refunds in order to lower the financial burden on your business due to duplicate taxation.
If you plan 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 that will allow you register for a vat refund whenever you import goods or services that have already paid vat https://vatcontrol.com/vat in the country of origin. When you are over the vat threshold limit set by the country in becoming a vat registered dealer, you can fill out the necessary vat form so as to get your vat no and begin trading as a registered vat trader.
For example, if you are already trading in the UK and have crossed over the minimum vat limit in taxable sales in the previous 12 months, you’ll be able to apply for company vat registration. You need to speak to your local hmrc vat department or customs and excise customs vat department to start the procedure for vat registration. You can go to their webpage and fill out the online form to set the ball rolling for quick registration. You’ll also need to do an in depth study on the actual vat rates about the goods that you propose to trade in, if you are planning to start a new business.
While vat rules are quite simple 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 arrive at actual costing figures for your products or services. Additionally, you will have to file regular vat returns stating your purchase, sales, vat collected and vat sum to be paid for that particular period. An efficient vat agent would be in a very better position to deal with your vat requirements so that you can focus 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 haven’t 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 businesses that you deal with will insist on your vat registration before they commence business together with you so that the vat chain isn’t interrupted.
In case you have started an enterprise or are intending to do it in the future then you need to obtain registered for uk vat in addition to eu vat, specifically if you plan to contend with other EU countries. This may enable you to claim vat that has already 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 in order to corner all benefits offered by vat.