If you have started a new business that plans to start trading in goods or services that attract vat or vat then you definitely 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 so as to lower the financial burden on your own business on account of duplicate taxation.
If you plan to import goods or services from EU countries that have enveloped vat, you’ll 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 register for a vat refund whenever you import services or goods which have already paid vat http://vatcontrol.com/vat in the country of origin. Once you are within the vat threshold limit set by your country in becoming a vat registered dealer, you are able to complete the necessary 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 the UK and have crossed over the minimum vat limit in taxable sales in the previous 12 months, you’ll be able to apply for company vat registration. You will need to speak to your local hmrc vat department or the customs and excise customs vat department to begin the process for vat registration. You can go to their webpage and fill in the web based form to put the ball rolling for quick registration. You’ll also need to do an in depth 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 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 might have also been paid before shipping it to your country. This move will help you to reclaim vat in those countries so as to arrive at actual costing figures for the products. Additionally, you will need to file regular vat returns stating your purchase, sales, vat collected and vat amount to be paid for that particular period. An efficient vat agent would be in a better position to deal with all your vat requirements so that you can concentrate on other avenues to increase revenues of your business.
You will find 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 certainly start trading but will not be permitted to collect vat or claim any vat refunds until your business is vat registered. Anyway, almost every other firms that you deal with will require your vat registration before they commence business with you so that the vat chain is not interrupted.
If you have started an enterprise or are intending to do so in the near future then you need to obtain registered for uk vat as well as eu vat, specifically if you plan to contend with other EU countries. This will allow you to claim vat which has already been paid as well as 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 massive so as to corner all benefits offered by vat.