If you have started a new business that plans to start trading in goods or services that attract vat or value added tax then you 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, and claim vat refunds so as to lower the financial burden on your business on account of duplicate taxation.
If you are planning to import goods or services from EU countries which have enveloped vat, you will certainly require to get registered with the relevant vat authorities in your own country. You might use 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 nation of origin. When you are within the vat threshold limit set by your country to turn into a vat registered dealer, you are able to fill out the required vat form so as to get your vat no and start trading like 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 Twelve 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 start the procedure 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 a detailed study about the actual vat rates about the products that you propose to trade in, if you plan to begin a fresh business.
While vat rules are quite simple 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 also been paid before shipping it to your country. This move will help you reclaim vat in those countries in order to arrive at actual costing figures for your products or services. Additionally, you will need to file regular vat returns stating your purchase, sales, vat collected and vat amount to be paid for that specific period. An efficient vat agent will be in a very stronger position to handle all your vat requirements so that you can concentrate 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 are also vat exempt. If you haven’t 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 require your vat registration before they commence business with you in order that the vat chain isn’t interrupted.
If you have started a business or are intending to do it in the future then you need to get registered for uk vat as well as eu vat, specifically if you want to deal with other EU countries. This will enable you to claim vat which has already 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 massive in order to corner all benefits