If you have started a new business that intends 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 enable you to get a vat number, issue vat invoices, file your vat returns, and claim vat refunds in order to reduce the financial burden on your own business due to duplicate taxation.
If you plan to import services or goods from EU countries that have enveloped vat, you will certainly require to get registered with all the relevant vat authorities in your own country. You can utilize vat online services that will allow you sign up for a vat refund when you import services or goods http://vatregistrationnumber.com that have already paid vat in the nation of origin. Once you are within the vat threshold limit set by the country to turn into a vat registered dealer, you can complete 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 the UK and have crossed over the minimum vat limit in taxable sales in the last Twelve months, then you can apply for company vat registration. You need to contact your local hmrc vat department or the customs and excise customs vat department to start the procedure for vat registration. You can visit their webpage and fill in the web based form to set the ball rolling for quick registration. You’ll also have to do a detailed study on the actual vat rates on the products that you propose to trade in, if you are planning to start a new 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 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 your products. You will also need to file regular vat returns stating your purchase, sales, vat collected and vat sum to be paid for that particular period. An efficient vat agent will be in a better position to handle all 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 certainly start trading but will not be allowed to collect vat or claim any vat refunds until your business is vat registered. Anyway, almost every other businesses that you contend with will insist on your vat registration before they commence business together with you so that the vat chain isn’t interrupted.
In case you have started an enterprise or are planning to do so in the near future you will need to get registered for uk vat as well as eu vat, especially if you plan to deal with other EU countries. This will enable you to claim vat that has already been paid and also control your product costs by remaining within the vat cycle. You ought to certainly complete company vat registration process before you start trading on a large scale so as to corner all benefits offered by vat.