For those who have started a new 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 begin trading. This will likely enable you to get a vat number, issue vat invoices, file your vat returns, and claim vat refunds so as to reduce the financial burden on your own business due to duplicate taxation.
If you plan to import goods or services from EU countries which have enveloped vat, you will certainly require to obtain registered with the relevant vat authorities in your own country. You can utilize vat online services that will enable you register for a vat refund when you import goods or services http://vatregistrationnumber.com which have already paid vat in the nation of origin. When you are over the vat threshold limit set by the country to turn into a vat registered dealer, you can complete the necessary vat form to get your vat no and start 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 12 months, then you can make an application for company vat registration. You need to contact your local hmrc vat department or the 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 set the ball rolling for quick registration. You will also have to do an in depth study on the actual vat rates about the products that you propose to trade in, if you are planning 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 would have already been paid before shipping it to the country. This move will help you to 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 sum to be paid for that specific period. An efficient vat agent would be in a very stronger position to deal with all your vat requirements to help you concentrate on other avenues to boost 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 have not 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, most other firms that you deal with will require your vat registration before they commence business with you so that the vat chain is not interrupted.
If you have started an enterprise or are planning to do it in the near future you will need to get registered for uk vat in addition to eu vat, especially if you plan to contend with other EU countries. This will enable you to claim vat which has previously been paid and also control your product costs by remaining while in the vat cycle. You ought to certainly complete company vat registration process before you start trading on a massive so as to corner all benefits offered by vat.