Complete company vat registration process before you start trading
If you have started a new business that intends to start trading in goods or services that attract vat or value added tax then you should complete company vat registration process before you begin trading. This will likely
enable you to 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 goods or services from EU countries that have enveloped vat, you’ll certainly require to obtain registered with all the relevant vat authorities in your own country. You can utilize vat online services which will enable you sign up for a vat refund when you import goods or services 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 are able to complete the necessary vat form so as to get your vat no and start trading as a registered vat trader.
For instance, if you are already trading in britain and have crossed over the minimum vat limit in taxable sales in the last Twelve months, then you can make an application for company vat registration. You will 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 webpage and fill out the online form to put the ball rolling for quick registration. You will also have to do a detailed study about the actual vat rates about the goods that you propose to trade in, if you are planning to begin a new business.
While vat rules are very simple 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 would have already been paid before shipping it to your country. This move will help you to reclaim vat in those countries so as to get to actual costing figures for the products or services. You will also have to file regular vat returns stating your purchase, sales, vat collected and vat sum to be paid for that specific period. An efficient vat agent would be in a better position to handle all your vat requirements so that you can concentrate 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 start trading but won’t 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 insist on your vat registration before they commence business together with you so that the vat chain isn’t interrupted.
In case you have started an enterprise or are planning to do so in the future then you need to obtain registered for uk vat in addition to eu vat, especially if you plan to deal with other EU countries. This will enable you to claim vat which has previously been paid as well as control your product costs by remaining within the vat cycle. You should certainly complete company vat registration process before you begin trading on a massive in order to corner all benefits
