If you have started a new business that intends to start trading in services or goods that attract vat or vat then you 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 on account of duplicate taxation.
If you plan to import goods or services from EU countries which have enveloped vat, you will certainly require to get registered with all the relevant vat authorities in your own country. You might use vat online services which will allow you sign up for a vat refund when you import services or goods vat registration number that have already paid vat in the country of origin. When you are within the vat threshold limit set by the country to turn into a vat registered dealer, you are able to fill out the necessary vat form to get your vat no and start trading as a registered vat trader.
For example, if you’re already trading in the UK and have crossed over the minimum vat limit in taxable sales in the previous 12 months, then you can make an application for company vat registration. You need to contact your local hmrc vat department or customs and excise customs vat department to begin the process for vat registration. You can visit their webpage and fill in the web based form to put the ball rolling for quick registration. You’ll also have 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 fresh business.
While vat rules are quite easy 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 might have already been paid before shipping it to your country. This move will help you reclaim vat in those countries in order to get to actual costing figures for the 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 stronger position to deal with all your vat requirements so that you can focus on other avenues to boost revenues of your business.
You will find different vat rates on different services and goods while certain items and services may also be vat exempt. If you have not registered for vat then you can certainly start trading but won’t be permitted to collect vat or claim any vat refunds until your business is vat registered. Anyway, almost every other firms that you contend with will require your vat registration before they commence business together with you so that the vat chain is not interrupted.
In case you have started a business or are intending to do so in the near future then you need to obtain registered for uk vat in addition to eu vat, specifically if you plan to deal with other EU countries. This may enable you to claim vat which has previously been paid and also control your product costs by remaining while in 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.