If you have started a new business that plans to start trading in goods or services that attract vat or vat then you should complete company vat registration process before you begin trading. This will enable you to get a vat number, issue vat invoices, file your vat returns www.vatcheck.com, and claim vat refunds in order to lower the financial burden on your business due to duplicate taxation.
If you plan 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 which 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 within the vat threshold limit set by your country to turn into a vat registered dealer, you can complete the required vat form to get your vat no and begin trading like a registered vat trader.
For instance, if you're already trading in the UK and have crossed over the minimum vat limit in taxable sales in the last Twelve months, then you can apply for company vat registration. You need to contact your local hmrc vat department or customs and excise customs vat department to begin 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'll also have to do an in depth study about the actual vat rates about the goods that you propose to trade in, if you are planning to start a new 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 intend 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 in order to arrive at actual costing figures for your products or services. You will also 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 stronger position to deal with all your vat requirements so that you can concentrate on other avenues to boost revenues of your business.
There are different vat rates on different goods and services 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 allowed to collect vat or claim any vat refunds until your business is vat registered. Anyway, almost every other businesses that you deal with will insist on your vat registration before they commence business together with you in order that the vat chain isn't interrupted.
In case you have started an enterprise or are planning to do so in the near future you will need to obtain registered for uk vat in addition to eu vat, specifically if you want to contend with other EU countries. This will enable you to claim vat that 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 large scale so as to corner all benefits offered by vat.