Complete company vat registration process before starting trading

If you have started a fresh business that intends to start trading in goods or services that attract vat or value added tax then you definitely should complete company vat registration process before you start trading. This will make sure you 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 on account of duplicate taxation vat control.

If you are planning to import goods or services from EU countries which have enveloped vat, you’ll certainly require to get registered with the relevant vat authorities in your own country. You might use vat online services which will enable you register for a vat refund when you import goods or services that have already paid vat in the country of origin. When you are over the vat threshold limit set by the country in becoming a vat registered dealer, you can fill out the required vat form to get your vat no and start trading as a registered vat trader.

For instance, if you are already trading in the UK and also have crossed over the minimum vat limit in taxable sales in the previous Twelve months, you’ll be able to make an application for company vat registration. You need to speak to your local hmrc vat department or the customs and excise customs vat department to begin the process for vat registration. You can visit their website and fill in the web based form to set the ball rolling for quick registration. You’ll also have to do a detailed study about the actual vat rates about the goods that you propose to trade in, if you are planning to start a new business.

While vat rules are very 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 would have already been paid before shipping it to the country. This move will help you reclaim vat in those countries so as to arrive at actual costing figures for your products or services. 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 will be in a very stronger position to deal with 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 are also vat exempt. If you have not registered for vat then you can start trading but won’t be allowed to collect vat or claim any vat refunds until your business is vat registered. Anyway, most other businesses that you deal with will require your vat registration before they commence business with you in order that the vat chain is not interrupted check vat number.

In case you have started a business or are intending to do it in the future then you need to obtain registered for uk vat as well as eu vat, especially if you want 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 while in 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.