If you have started a fresh business that plans to start trading in services or goods that attract vat or vat then you definitely 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, and claim vat refunds so as to lower the financial burden on your business due to duplicate taxation.
If you plan to import goods or services from EU countries which have enveloped vatcontrol vat, you will certainly require to get registered with the relevant vat authorities in your own country. You might use vat online services which will enable you sign up for a vat refund whenever you import services or goods which have already paid vat in the country of origin. When you are over the vat threshold limit set by your country in becoming a vat registered dealer, you can fill out the required vat form to get your vat no and begin trading as a registered vat trader.
For instance, if you’re already trading in the UK and have crossed over the minimum vat limit in taxable sales in the previous Twelve months, you’ll be able to apply for company vat registration. You will need to contact your local hmrc vat department or customs and excise customs vat department to begin the procedure for vat registration. You can visit their website and fill in 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 products that you propose to trade in, if you plan to begin a fresh business.
While vat rules are very simple to comprehend, it will make better sense to appoint a vat agent or vat consultant, particularly if you intend to import goods from other EU States where vat would have already been paid before shipping it to the country. This move will help you to reclaim vat in those countries in order to arrive at actual costing figures for your products or services. You will also have to file regular vat returns stating your purchase, sales, vat collected and vat amount to be paid for that specific period. An efficient vat agent will be in a very better position to handle your vat requirements so that you can concentrate on other avenues to boost 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 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 contend with will insist on your vat registration before they commence business together with you so that the vat chain isn’t interrupted.
If you have started a business or are intending to do it in the near future then you need to obtain registered for uk vat as well as eu vat, especially if you want to contend with other EU countries. This will allow you to claim vat which has previously 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 massive so as to corner all benefits offered by vat.