If you have started a fresh business that plans to start trading in services or goods that attract vat or value added tax then you definitely 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 reduce the financial burden on your business on account of duplicate taxation.
If you are planning to import services or goods from EU countries that have enveloped vat, you'll certainly require to obtain registered with the relevant vat authorities in your own country. You might use vat online services which will allow you sign up for a vat refund whenever you import services or goods that have already paid vat in the nation of origin. Once you are over the vat threshold limit set by your country to turn into a vat registered dealer, you can fill out the necessary vat form to get your vat no and begin trading as a registered vat trader.
For instance, if you are already trading in britain 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 out the web based form to put the ball rolling for quick registration. You'll also need to do a detailed study about the actual vat rates on the products that you propose to trade in, if you are planning to start a fresh business.
While vat rules are very simple to comprehend, it might make better sense to appoint a vat agent or vat consultant, particularly if you plan 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 reclaim vat in those countries in order to arrive at actual costing figures for the products or services. Additionally, you will have to file regular vat returns stating your purchase, sales, vat collected and vat amount to be paid for that specific period. A competent vat agent would be in a very better position to handle 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 enterprise is vat registered. Anyway, almost every other firms that you deal with will require your vat registration before they commence business with you so that the vat chain isn't interrupted.
In case you have started an enterprise or are planning to do it in the near 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 enable you to claim vat that has previously 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 large scale in order to corner all benefits offered by vat.