Complete company vat registration process before you start trading

For those who have started a fresh 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 begin trading. This will 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 due to duplicate taxation.

If you plan to import goods or services from EU countries that 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 sign up for a vat refund whenever you import goods or services that have already paid vat in the nation of origin. Once you are over the vat threshold limit set by the country in becoming a vat registered dealer, you are able to fill out the necessary vat form 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 previous 12 months, you’ll be able to apply for company vat registration. You need to contact your local hmrc vat department or the customs and excise customs vat department to begin the procedure for vat registration. You can go to their website and fill out the online form to put the ball rolling for quick registration. You’ll also need to do an in depth study about the actual vat rates about the products that you propose to trade in, if you plan 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 plan 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 so as 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 sum to be paid for that particular period. An efficient vat agent would be in a 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 goods and services while certain items and services may also be vat exempt. If you have not registered for vat then you can certainly start trading but won’t be permitted 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.

If you have started an enterprise or are intending to do so in the future you will need to obtain registered for uk vat in addition to eu vat, especially if you plan to deal with other EU countries. This will allow you to claim vat which 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 start trading on a large scale so as to corner all benefits offered by vat.