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 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 own business due to duplicate taxation.
If you are planning to import goods or services from EU countries which have enveloped vat, you will certainly require to obtain registered with all the relevant vat authorities throughout your home country. You might use vat online services that will allow you sign up for a vat refund whenever you import goods or services which have already paid vat https://vatcontrol.com/vat in the nation of origin. Once you are over the vat threshold limit set by the country in becoming a vat registered dealer, you can 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 the UK and also have crossed over the minimum vat limit in taxable sales in the previous Twelve months, then you can make an application for company vat registration. You need to contact your local hmrc vat department or customs and excise customs vat department to start the process for vat registration. You can visit their website and fill in the online form to put the ball rolling for quick registration. You will also need to do an in depth study on the actual vat rates about the goods that you propose to trade in, if you are planning to start 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 already been paid before shipping it to the country. This move will help you reclaim vat in those countries so as to get to actual costing figures for the products. Additionally, you will have to file regular vat returns stating your purchase, sales, vat collected and vat sum to be paid for that specific period. An efficient vat agent would be in a very better position to deal with all your vat requirements to help you concentrate on other avenues to increase revenues of your business.
There are different vat rates on different goods and services while certain items and services may also be vat exempt. If you haven’t registered for vat then you can start trading but will not be allowed to collect vat or claim any vat refunds until your business is vat registered. Anyway, most other businesses that you deal 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 a business or are planning to do so in the future then you need to obtain registered for uk vat as well as eu vat, especially if you plan to contend with other EU countries. This will enable you to claim vat that has already 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 begin trading on a large scale in order to corner all benefits offered by vat.