Complete company vat registration process before you start trading

If you have started a new business that plans to start trading in services or goods that attract vat or vat 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 own business due to duplicate taxation.

If you are planning to import goods or services from EU countries which have enveloped vat, you'll certainly require to get registered with all the relevant vat authorities throughout your home country. You might use vat online services which will allow you register for a vat refund when you import services or goods that have already paid vat http://vatcontrol.com/vat in the country of origin. Once you are over the vat threshold limit set by your country in becoming a vat registered dealer, you can complete the necessary vat form so as to get your vat no and begin trading like a registered vat trader.

For example, if you are already trading in the UK and also have crossed over the minimum vat limit in taxable sales in the last 12 months, you'll be able to apply for company vat registration. You will need to contact your local hmrc vat department or the customs and excise customs vat department to start the procedure for vat registration. You can go to their website and fill in the online form to set the ball rolling for quick registration. You'll also have to do a detailed study about the actual vat rates on the products that you propose to trade in, if you plan to begin a fresh business.

While vat rules are quite simple to comprehend, it might 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. You will also have to file regular vat returns stating your purchase, sales, vat collected and vat sum to be paid for that particular period. An efficient vat agent will be in a stronger position to deal with your vat requirements to help you concentrate on other avenues to boost revenues of your business.

You will find different vat rates on different services and goods while certain items and services may also be vat exempt. If you haven't registered for vat then you can start trading but won't be permitted to collect vat or claim any vat refunds until your enterprise is vat registered. Anyway, most other firms 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 then you need to get registered for uk vat in addition to eu vat, especially if you plan to contend 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 in order to corner all benefits offered by vat.