For those who have started a new business that plans to start trading in goods or services that attract vat or value added tax then you should complete company vat registration process before you start 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 own business due to duplicate taxation vat number.
If you plan to import services or goods from EU countries which have enveloped vat, you will certainly require to obtain registered with all the relevant vat authorities in your own country. You might use vat online services that will allow you register for a vat refund when you import goods or services that have already paid vat in the country of origin. When you are over the vat threshold limit set by your country to turn into a vat registered dealer, you are able to fill out the required vat form so as to get your vat no and begin trading as a registered vat trader.
For example, if you're 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 speak to your local hmrc vat department or the customs and excise customs vat department to begin the procedure for vat registration. You can visit their webpage and fill in the web based form to set the ball rolling for quick registration. You will also have to do an in depth study on 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 quite easy 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 would have also been paid before shipping it to the country. This move will help you to reclaim vat in those countries in order to get to actual costing figures for the products. You will also have 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 stronger position to deal with your vat requirements to help you concentrate on other avenues to increase revenues of your business.
There are 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 start trading but won't be permitted to collect vat or claim any vat refunds until your business is vat registered. Anyway, almost every other businesses that you contend with will require your vat registration before they commence business together with you so that the vat chain isn't interrupted vies.
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 as well as eu vat, specifically 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 ought to certainly complete company vat registration process before you start trading on a massive in order to corner all benefits offered by vat.