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 begin trading. This will likely 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 own 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 throughout your home country. You can utilize vat online services that will enable you sign up for a vat refund whenever you import goods or services which have already paid 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 required vat form so as to get your vat no and start trading as a registered vat trader.
For instance, if you’re already trading in britain and have crossed over the minimum vat limit in taxable sales in the last 12 months, then you can apply 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 go to their website and fill out the web based form to put the ball rolling for quick registration. You will also need to do an in depth study about the actual vat rates about the products that you propose to trade in, if you are planning to start a fresh business.
While vat rules are quite simple to comprehend, it might 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 the country. This move will help you reclaim vat in those countries in order to arrive at actual costing figures for the products or services. Additionally, you will need 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 all your vat requirements so that you can concentrate on other avenues to increase revenues of your business.
There are 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 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 businesses that you contend with will insist on your vat registration before they commence business with you so 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 obtain registered for uk vat in addition to eu vat, especially if you plan to deal with other EU countries. This will allow you to claim vat that has already been paid as well as control your product costs by remaining within the vat cycle. You ought to certainly complete company vat registration process before you begin trading on a massive in order to corner all benefits offered by vat.