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 enable you to get a vat number, issue vat invoices, file your vat returns, and claim vat refunds in order to reduce the financial burden on your own business due to duplicate taxation.
If you are planning to import goods or services from EU countries which have enveloped vat, you will certainly require to obtain registered with all the relevant vat authorities throughout your home country. You can utilize vat online services which will allow you register for a vat refund when you import services or goods http://vatregistrationnumber.com that have already paid vat in the country of origin. When you are within the vat threshold limit set by the 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 also have crossed over the minimum vat limit in taxable sales in the previous Twelve months, then you can apply for company vat registration. You will need to speak to your local hmrc vat department or customs and excise customs vat department to start the process for vat registration. You can visit their webpage and fill out the web based form to put the ball rolling for quick registration. You will also need to do an in depth study about the actual vat rates on the goods that you propose to trade in, if you plan to start a new business.
While vat rules are very 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 also been paid before shipping it to the country. This move will help you to reclaim vat in those countries so as to arrive at actual costing figures for the products. You will also have to file regular vat returns stating your purchase, sales, vat collected and vat amount to be paid for that specific period. An efficient vat agent would be in a very stronger position to handle your vat requirements to help you focus 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 have not registered for vat then you can start trading but will not be allowed to collect vat or claim any vat refunds until your enterprise is vat registered. Anyway, most other businesses that you deal with will require your vat registration before they commence business with you so that the vat chain is not interrupted.
If you have started a business or are intending 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 enable you to claim vat which 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 begin trading on a large scale in order to corner all benefits offered by vat.