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 start trading. This will likely make sure you 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 throughout your home 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. When you are within the vat threshold limit set by your country in becoming a vat registered dealer, you can fill out the required vat form so as to get your vat no and begin trading like a registered vat trader.
For instance, if you are already trading in the UK and have crossed over the minimum vat limit in taxable sales in the last 12 months, you’ll be able to make an application for company vat registration. You need to speak to your local hmrc vat department or customs and excise customs vat department to start the process for vat registration. You can visit their webpage and fill in the online form to set the ball rolling for quick registration. You’ll also have to do an in depth 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 very easy to comprehend, it might 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 the country. This move will help you reclaim vat in those countries so as to arrive at actual costing figures for the 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 particular period. An efficient vat agent will be in a very stronger position to handle all your vat requirements to help you focus on other avenues to increase 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 certainly start trading but won’t be allowed to collect vat or claim any vat refunds until your enterprise is vat registered. Anyway, almost every other firms that you contend with will require your vat registration before they commence business together with you so that the vat chain is not interrupted.
In case you have started a business or are planning to do so in the future then you need to get registered for uk vat in addition to eu vat, especially if you plan to deal with other EU countries. This may 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.