Complete company vat registration process before you start trading

If you have started a fresh business that intends 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 make sure you get a vat number, issue vat invoices, file your vat returns, and claim vat refunds so as to reduce the financial burden on your business on account of duplicate taxation.

If you are planning to import goods or services from EU countries that have enveloped vatcontrol vat, you will certainly require to get registered with the relevant vat authorities in your own country. You might use vat online services that will allow you register for a vat refund whenever you import services or goods which have already paid vat in the country of origin. Once you are over the vat threshold limit set by the country to turn into a vat registered dealer, you are able to complete the required vat form so as to get your vat no and begin trading like 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 last Twelve months, you'll be able to make an application for company vat registration. You need to contact your local hmrc vat department or the customs and excise customs vat department to start the process for vat registration. You can visit their webpage and fill out the online form to set the ball rolling for quick registration. You'll also have to do an in depth study about the actual vat rates on the goods that you propose to trade in, if you are planning to start a fresh business.

While vat rules are quite easy to comprehend, it might make better sense to appoint a vat agent or vat consultant, particularly if you intend to import goods from other EU States where vat might 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 the products or services. You will also need 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 would be in a better position to handle all your vat requirements to help you concentrate on other avenues to boost revenues of your business.

There are different vat rates on different services and goods 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 permitted to collect vat or claim any vat refunds until your business is vat registered. Anyway, almost every other businesses that you deal with will insist on your vat registration before they commence business together with you in order that the vat chain is not interrupted.

In case you have started an enterprise or are planning to do it in the near future you will need to get registered for uk vat in addition to eu vat, especially if you want to contend with other EU countries. This may allow you to claim vat which has already been paid as well as control your product costs by remaining within 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.