For those who have started a new business that intends to start trading in goods or services that attract vat or vat then you should complete company vat registration process before you start trading. This will enable you to get a vat number, issue vat invoices, file your vat returns, and claim vat refunds in order to reduce the financial burden on your business on account of duplicate taxation.
If you are planning to import goods or services from EU countries that have enveloped vat, you’ll certainly require to obtain registered with the relevant vat authorities in your own country. You might use vat online services that will enable you sign up for a vat refund when you import goods or services which have already paid vat http://vatcontrol.com/vat in the nation of origin. Once you are within the vat threshold limit set by your country in becoming a vat registered dealer, you can complete the required 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 britain and also have crossed over the minimum vat limit in taxable sales in the last 12 months, you’ll be able to make an application for company vat registration. You will need to speak to your local hmrc vat department or customs and excise customs vat department to begin the process for vat registration. You can visit their website and fill in the web based form to set the ball rolling for quick registration. You will also need to do a detailed study about the actual vat rates about the goods that you propose to trade in, if you plan to begin a new business.
While vat rules are quite simple to comprehend, it will make better sense to appoint a vat agent or vat consultant, especially if you intend to import goods from other EU States where vat would have already been paid before shipping it to your 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. 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. A competent vat agent would be in a stronger position to deal with all 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 may also be vat exempt. If you have not registered for vat then you can start trading but will not be allowed to collect vat or claim any vat refunds until your enterprise is vat registered. Anyway, almost every other firms that you contend with will require your vat registration before they commence business together with you in order that the vat chain is not interrupted.
In case you have started an enterprise or are planning to do it in the near future you will need to get registered for uk vat in addition to eu vat, specifically if you want to deal with other EU countries. This may allow 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 massive in order to corner all benefits offered by vat.