If you have started a new business that plans to start trading in services or goods that attract vat or vat then you definitely should complete company vat registration process before you start trading. This will likely make sure you get a vat number, issue vat invoices, file your vat returns http://www.vatcheck.com, and claim vat refunds so as to lower the financial burden on your own business on account of duplicate taxation.
If you plan to import goods or services from EU countries that have enveloped vat, you will certainly require to obtain registered with the relevant vat authorities throughout your home country. You can utilize vat online services that will allow you sign up for a vat refund whenever you import services or goods which have already paid vat in the country of origin. When you are over the vat threshold limit set by the country to turn into a vat registered dealer, you are able to complete the required 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 britain and have crossed over the minimum vat limit in taxable sales in the previous 12 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 procedure for vat registration. You can visit their website and fill in the online form to set the ball rolling for quick registration. You will also need to do a detailed study about the actual vat rates on the goods that you propose to trade in, if you are planning to begin a fresh 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 might have already been paid before shipping it to your country. This move will help you reclaim vat in those countries in order to get to actual costing figures for your products. 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. An efficient vat agent will be in a very better position to handle your vat requirements so that you can focus 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 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, almost every other businesses that you contend with will require your vat registration before they commence business together with you in order that the vat chain is not interrupted.
In case you have started a business or are planning to do so in the future you will need to get registered for uk vat as well as eu vat, especially if you plan to deal with other EU countries. This may allow you to claim vat which has previously been paid and also control your product costs by remaining within the vat cycle. You ought to certainly complete company vat registration process before you begin trading on a massive so as to corner all benefits offered by vat.