Complete company vat registration process before you start trading

For those who have started a new business that intends to start trading in services or goods that attract vat or value added tax then you definitely 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 in order to lower the financial burden on your own business due to duplicate taxation.

If you are planning to import services or goods from EU countries which have enveloped vat, you’ll certainly require to obtain registered with all the relevant vat authorities throughout your home country. You can utilize vat online services that will enable you register for a vat refund when you import goods or services www.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 are able to fill out the required vat form to get your vat no and start trading like a registered vat trader.

For example, if you are 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 will need to speak to your local hmrc vat department or customs and excise customs vat department to begin the procedure for vat registration. You can go to their website and fill in the online form to put the ball rolling for quick registration. You will also need to do a detailed study on the actual vat rates on the goods that you propose to trade in, if you plan to begin a fresh business.

While vat rules are quite easy to comprehend, it might make better sense to appoint a vat agent or vat consultant, particularly if you plan to import goods from other EU States where vat might have already been paid before shipping it to the country. This move will help you reclaim vat in those countries in order to arrive at actual costing figures for your products. Additionally, you will 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 will be in a stronger position to deal with your vat requirements so that you can focus on other avenues to increase revenues of your business.

You will find 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 start trading but won’t be permitted to collect vat or claim any vat refunds until your business is vat registered. Anyway, almost every other firms that you deal with will insist on your vat registration before they commence business with you in order that the vat chain is not interrupted.

In case you have started an enterprise or are planning to do it in the future you will need to get registered for uk vat in addition to eu vat, especially if you plan to deal with other EU countries. This may 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 should certainly complete company vat registration process before you begin trading on a large scale so as to corner all benefits offered by vat.