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. You can now concentrate on your business if you are paying heed to advice that can help save 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 way of collecting taxes on www.vatregistrationnumber.com goods and services while increasing their revenues at the same time. 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 definately might soon find yourself eligible for vat registration. As soon as your taxable sales touch the wonder figure of ?70,000 in the past 12 months then you will have to make an application for vat registration, a process which will normally reward you with your own vat certificate inside a month.
Upon changing into a vat registered trader, you will need to follow several vat regulations to remain clear of rubbing the hmrc vat department the wrong way. It is actually in these 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 which is totally conversant with each facets of uk vat and eu vat rules. Additionally you also should acquire a lot more knowledge on various aspects of vat besides simply understanding what is vat.
Your vat agent could guide you the way to make an application for vat registration by attesting all the required documents so that you get a vat number in the shortest possible time. You should also follow all guidelines provided by hmrc vat while issuing each vat invoice to ensure that vat rates and amounts are displayed clearly. An easy-to-use vat accounting software package along with a web enabled-computer too should 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 isn’t any confusion in slotting your goods or services within the 14,000 classifications specified by hmrc.
It’s also very important to submit your vat returns in time and even scrutinize each vat refund application thoroughly before you apply for the same. Newer vat rules by the hmrc vat department advocate stricter fines and you should just be sure you always stay on the right side of all 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 ensure 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 comprehend and implement, you might still find yourself 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 as well as recover all vat refunds without facing any resistance from any quarter.