For those who have started a fresh business that intends to start trading in services or goods that attract vat or vat then you 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, and claim vat refunds so as to lower the financial burden on your own business on account of duplicate taxation.
If you are planning to import services or goods from EU countries which have enveloped vat, you will certainly require to get registered with the relevant vat authorities in your own country. You might use vat online services which will allow you register for a vat refund when 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 necessary vat form so as to get your vat no and start trading like a registered vat trader.
For example, if you're 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 speak to your local hmrc vat department or the customs and excise customs vat department to start the process for vat registration. You can go to their website and fill in the web based form to put the ball rolling for quick registration. You will also need to do a detailed study about the actual vat rates on the products that you propose to trade in, if you plan to begin a new business.
While vat rules are quite simple to comprehend, it will make better sense to appoint a vat agent or vat consultant, especially if you intend to import goods from other EU States where vat might have also been paid before shipping it to your country. This move will help you to 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 particular period. A competent vat agent would be in a very stronger position to handle your vat requirements to help you concentrate on other avenues to increase 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 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 intending to do it in the future you will need to get registered for uk vat as well as eu vat, specifically if you want to contend with other EU countries. This will allow you to claim vat which has already been paid as well as 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 in order to corner all benefits