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 start trading. This will make sure you get a vat number, issue vat invoices, file your vat returns, and claim vat refunds so as to reduce the financial burden on your own business due to duplicate taxation.
If you are planning to import goods or services from EU countries that have enveloped vat, you will certainly require to obtain registered with all the relevant vat authorities throughout your home country. You might use vat online services which will allow you register for a vat refund whenever you import goods or services vat registration number which have already paid vat in the country of origin. When you are over the vat threshold limit set by the country to turn into a vat registered dealer, you are able to fill out the required vat form to get your vat no and begin trading like a registered vat trader.
For example, if you are already trading in the UK and also have crossed over the minimum vat limit in taxable sales in the previous 12 months, you’ll be able to make an application for company vat registration. You will need to contact your local hmrc vat department or the customs and excise customs vat department to start the process for vat registration. You can go to their website and fill out 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 on the products that you propose to trade in, if you plan to start a new business.
While vat rules are very simple to comprehend, it will make better sense to appoint a vat agent or vat consultant, especially if you plan to import goods from other EU States where vat might have also 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 the products or services. You will also have to file regular vat returns stating your purchase, sales, vat collected and vat sum to be paid for that specific period. A competent vat agent will be in a better position to handle 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 won’t be allowed to collect vat or claim any vat refunds until your business is vat registered. Anyway, most other firms that you contend with will insist on your vat registration before they commence business together with you in order that the vat chain is not interrupted.
If you have started an enterprise or are planning to do so in the future you will need to get registered for uk vat in addition to eu vat, specifically if you plan to contend with other EU countries. This may enable you to claim vat that has already been paid and also control your product costs by remaining while in the vat cycle. You ought to certainly complete company vat registration process before you start trading on a massive so as to corner all benefits offered by vat.