For those who have started a new business that plans to start trading in services or goods that attract vat or value added tax then you 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 in order to lower the financial burden on your 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 in your own country. You can utilize vat online services which will allow you sign up for a vat refund when you import services or goods which have already paid vat in the nation of origin. Once you are over the vat threshold limit set by your country in becoming a vat registered dealer, you are able to fill out the necessary vat form so as to get your vat no and begin trading like 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, then you can apply for company vat registration. You need to speak to your local hmrc vat department or customs and excise customs vat department to begin the procedure for vat registration. You can go to their webpage and fill in the web based form to set the ball rolling for quick registration. You’ll also need to do an in depth study about the actual vat rates on the goods that you propose to trade in, if you are planning to begin a new business.
While vat rules are very easy to comprehend, it will make better sense to appoint a vat agent or vat consultant, especially 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 to reclaim vat in those countries so as to get to actual costing figures for the products. You will also have 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 your vat requirements so that you can concentrate on other avenues to boost revenues of your business.
There are different vat rates on different goods and services while certain items and services are also vat exempt. If you haven’t registered for vat then you can start trading but will not be permitted to collect vat or claim any vat refunds until your enterprise is vat registered. Anyway, most other firms that you contend with will insist on 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 you will need to get registered for uk vat in addition to eu vat, specifically if you plan to deal with other EU countries. This may allow you to claim vat that has previously been paid as well as 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