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 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 reduce the financial burden on your business due to duplicate taxation.

If you are planning to import services or goods from EU countries that have enveloped vat, you will certainly require to get registered with all the relevant vat authorities in your own country. You might use vat online services which will enable you register for a vat refund whenever you import services or goods which have already paid vat in the nation of origin. Once you are within the vat threshold limit set by your country in becoming a vat registered dealer, you can complete the necessary vat form to get your vat no and start trading as a registered vat trader.

For instance, if you're already trading in the UK and 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 will need to speak to your local hmrc vat department or customs and excise customs vat department to start the procedure for vat registration. You can visit their website and fill out the web based form to put the ball rolling for quick registration. You will also have to do a detailed study on the actual vat rates about the goods that you propose to trade in, if you plan to start a fresh 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 the country. This move will help you to reclaim vat in those countries so as to arrive at actual costing figures for your products. You will also have to file regular vat returns stating your purchase, sales, vat collected and vat sum to be paid for that specific period. A competent vat agent would be in a very stronger position to handle your vat requirements to help you focus on other avenues to boost revenues of your business.

There are 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 will not be allowed to collect vat or claim any vat refunds until your business is vat registered. Anyway, almost every other businesses that you contend 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 intending to do so in the near future you will need to get registered for uk vat as well as eu vat, specifically if you plan to contend with other EU countries. This will enable you to claim vat which has previously 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.