Confirm all european vat rules before importing goods into an EU State

In case you have crossed the threshold limit or want to be a part of the vat or value added tax system then you’ll need to make an application for registration for vat to turn into a vat registered trader www.vatcheck.com. Once you are a vat registered trader you will then be empowered to reclaim vat paid in another eu country and thereby decrease your costs as well as enhance your business cash flow.

Several eu countries including the UK, Spain, Poland, Sweden, Italy, Germany, etc have moved over to vat for taxing products or services. Vat is thus followed even while trading between member eu countries. In case you have started a new business in the United Kingdom and also have touched ?70,000 pounds in taxable sales in the past 1 year then you can apply for vat registration with the HM Revenue and Customs or hmrc department. You can even apply before this threshold limit is achieved if you sell your goods or services to mostly vat registered traders. Vat registration can be done as an individual, partnership, company, trust, etc as deemed fit by the hmrc department.

However, as soon as you apply for vat registration your costs could increase slightly, and when you sell your goods and services locally in the UK at the retail level then you could choose to remain outside vat should you only sell vat exempt goods. However, if you try to artificially try to separate your business activities only to remain outside the system of vat then this hmrc vat department might not take your actions lightly if you’re discovered doing the same. There are many benefits of entering the vat system as it will avoid the problem of double taxation by allowing you to definitely reclaim vat already paid on services or goods in another country too.

The whole process for registration for vat is pretty simple but if you aren’t sure about yourself then you should simply appoint a professional vat agent to deal with all vat matters. The hmrc vat department offers several vat online services including applications for registration for vat. You can apply for vat through your vat agent too provided you inform the department of your choice. As soon as you apply for vat registration then the process of approving your application usually takes between 10 to 30 days. Fo the time being you can keep issuing regular invoices to your clients. However, in that period you will need to factor in applicable vat rates and re-issue those invoices issued after the application so that your clients can reclaim vat from their end.

As soon as your application is eligible you will receive your unique vat registration number and may have to display it on all vat documents as well as your vat invoices, vat returns, and vat refunds. You will probably need to issue a vat invoice that separately shows all vat rates applied in the invoice together with your vat no at the top. You will have to provide a breakdown of all vat paid and collected within your vat returns which will need to be filed periodically as required by the hmrc vat department. In case you have already paid vat on products or services in another eu country then you can apply for vat reclaim once you are an official vat registered trader.

Vat registration is a simple online procedure that has to be done first if you want to turn into a vat registered trader in the UK. You can simply fill up the online vat registration form and submit it to your hmrc vat department whenever you apply for registration for vat.