Complete company vat registration process before starting trading

For those who 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 start trading. This will likely 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.

If you plan to import goods or services from EU countries that have enveloped http://vatcontrol.com vat, you’ll certainly require to get registered with all the relevant vat authorities in your own country. You can utilize vat online services that 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. Once you are within the vat threshold limit set by the country in becoming a vat registered dealer, you are able to fill out the required vat form to get your vat no and start trading like a registered vat trader.

For instance, if you are already trading in the UK and have crossed over the minimum vat limit in taxable sales in the previous 12 months, you’ll be able to make an application for company vat registration. You will need to contact your local hmrc vat department or customs and excise customs vat department to begin the process for vat registration. You can visit their webpage and fill in the online form to set the ball rolling for quick registration. You’ll also need to do an in depth study on the actual vat rates about the products that you propose to trade in, if you plan to begin a fresh business.

While vat rules are very easy to comprehend, it will make better sense to appoint a vat agent or vat consultant, particularly if you plan 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 the products or services. You will also need to file regular vat returns stating your purchase, sales, vat collected and vat sum to be paid for that particular period. A competent 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 goods and services while certain items and services are also vat exempt. If you haven’t registered for vat then you can certainly start trading but won’t be permitted to collect vat or claim any vat refunds until your business is vat registered. Anyway, most 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 intending to do so in the future you will need to obtain registered for uk vat in addition to eu vat, especially if you want to contend with other EU countries. This will enable you to claim vat which has already 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.