If you have started a fresh 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 begin trading. This will make sure you get a vat number, issue vat invoices, file your vat returns, 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 goods or services from EU countries that have enveloped vat, you'll certainly require to get registered with the relevant vat authorities in your own country. You might use vat online services that will allow you sign up for a vat refund when you import goods or services which have already paid vat http://vatcontrol.com/vat in the nation of origin. When you are over the vat threshold limit set by your country in becoming a vat registered dealer, you are able to complete the required vat form so as to get your vat no and begin trading as 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 previous 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 the customs and excise customs vat department to begin the procedure for vat registration. You can go to their webpage and fill in the web based form to put the ball rolling for quick registration. You will also need to do a detailed study on the actual vat rates about the goods that you propose to trade in, if you are planning to begin a new business.
While vat rules are quite easy to comprehend, it might make better sense to appoint a vat agent or vat consultant, especially if you plan to import goods from other EU States where vat would 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 the products or services. Additionally, you will need 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 stronger position to deal with all your vat requirements so that you can focus on other avenues to increase revenues of your business.
You will find different vat rates on different goods and services 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 permitted to collect vat or claim any vat refunds until your enterprise is vat registered. Anyway, almost every other businesses that you deal with will insist on your vat registration before they commence business with you in order that the vat chain isn't interrupted.
If you have started a business or are planning to do it in the near future you will need to get registered for uk vat in addition to eu vat, specifically if you plan to contend with other EU countries. This may allow you to claim vat that has already been paid and also control your product costs by remaining while in 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.