If you have started a fresh business that plans to start trading in services or goods that attract vat or value added tax then you definitely should complete company vat registration process before you start trading. This will likely enable you to get a vat number, issue vat invoices, file your vat returns Vatcheck.com, and claim vat refunds so as to lower the financial burden on your own business on account of duplicate taxation.
If you plan to import services or goods from EU countries that have enveloped vat, you will certainly require to get registered with all the relevant vat authorities throughout your home country. You might use vat online services that 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. Once you are within the vat threshold limit set by the country to turn into a vat registered dealer, you can fill out the required vat form so as to get your vat no and start trading like 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 apply for company vat registration. You need to contact your local hmrc vat department or the 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 will also have to do an in depth study on the actual vat rates on the goods that you propose to trade in, if you plan 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 intend to import goods from other EU States where vat would have also 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. You will also need to file regular vat returns stating your purchase, sales, vat collected and vat amount to be paid for that specific period. A competent vat agent would be in a stronger position to handle 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 haven’t registered for vat then you can start trading but will not be allowed to collect vat or claim any vat refunds until your business is vat registered. Anyway, most other businesses that you contend with will require your vat registration before they commence business together with you in order that the vat chain isn’t interrupted.
If you have started an enterprise or are intending to do it in the near future you will need to get registered for uk vat in addition to eu vat, especially if you plan to contend with other EU countries. This may allow you to claim vat that has already been paid and also control your product costs by remaining within the vat cycle. You should certainly complete company vat registration process before you start trading on a large scale in order to corner all benefits offered by vat.