For those who have started a fresh 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 Vatcheck.com, and claim vat refunds so as 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’ll certainly require to obtain registered with the relevant vat authorities throughout your home country. You can utilize vat online services which will enable you sign up for a vat refund whenever 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 the country in becoming a vat registered dealer, you can complete the necessary vat form so as to get your vat no and begin trading like a registered vat trader.
For example, if you are already trading in the UK and also have crossed over the minimum vat limit in taxable sales in the last Twelve 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 begin the procedure for vat registration. You can go to their webpage and fill in the online form to put the ball rolling for quick registration. You’ll also have to do a detailed study about the actual vat rates about the goods 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 already 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 your products or services. 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. A competent vat agent will be in a very stronger position to deal with all your vat requirements so that you can concentrate on other avenues to increase revenues of your business.
There are different vat rates on different services and goods while certain items and services may also be 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 enterprise is vat registered. Anyway, most other businesses that you deal 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 it in the future then you need to get registered for uk vat as well as eu vat, specifically if you want to contend with other EU countries. This may allow you to claim vat which has already been paid and also control your product costs by remaining within the vat cycle. You should certainly complete company vat registration process before you start trading on a large scale in order to corner all benefits offered by vat.