Complete company vat registration process before starting trading

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 likely make sure you get a vat number, issue vat invoices, file your vat returns, and claim vat refunds so as to lower the financial burden on your business due to duplicate taxation.

If you plan to import services or goods from EU countries that have enveloped vat, you will certainly require to get registered with the relevant vat authorities in your own country. You might use vat online services which will allow you register for a vat refund when you import goods or services that have already paid vat in the nation of origin. When you are over the vat threshold limit set by your country in becoming a vat registered dealer, you can fill out the required vat form to get your vat no and begin 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 contact your local hmrc vat department or the customs and excise customs vat department to begin the procedure for vat registration. You can visit their webpage and fill in the web based form to set the ball rolling for quick registration. You’ll also have to do an in depth study on the actual vat rates on the products that you propose to trade in, if you are planning to start a new business.

While vat rules are quite simple to comprehend, it will make better sense to appoint a vat agent or vat consultant, especially if you intend 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 so as to arrive at actual costing figures for the products. Additionally, you will need to file regular vat returns stating your purchase, sales, vat collected and vat amount to be paid for that specific period. A competent vat agent would be in a very stronger position to handle your vat requirements so that you can concentrate on other avenues to boost revenues of your business.

There are different vat rates on different goods and services while certain items and services are also 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 business is vat registered. Anyway, almost every other firms that you deal with will require your vat registration before they commence business together with you in order that the vat chain isn’t interrupted.

In case you have started a business or are planning to do so in the near future then you need to obtain registered for uk vat as well as eu vat, especially if you want to contend with other EU countries. This may enable you to claim vat that has already been paid and also control your product costs by remaining while in the vat cycle. You ought to certainly complete company vat registration process before you start trading on a massive in order to corner all benefits offered by vat.