Complete company vat registration process before you start trading

If you have started a new business that plans to start trading in goods or services that attract vat or value added tax then you should complete company vat registration process before you start trading. This will enable you to 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 plan to import services or goods 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 that will enable you register for a vat refund when you import goods or services https://vatregistrationnumber.com that have already paid vat in the country of origin. When you are within the vat threshold limit set by the country in becoming a vat registered dealer, you can fill out the necessary vat form to get your vat no and begin trading like a registered vat trader.

For instance, if you’re already trading in britain 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 contact your local hmrc vat department or customs and excise customs vat department to start the process for vat registration. You can visit their website and fill out the web based form to set the ball rolling for quick registration. You’ll also need to do an in depth study on the actual vat rates on the goods that you propose to trade in, if you are planning to begin a fresh business.

While vat rules are quite easy 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 might have also been paid before shipping it to the country. This move will help you to reclaim vat in those countries in order 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 amount to be paid for that specific period. An efficient vat agent will be in a better position to deal with your vat requirements so that you can concentrate on other avenues to increase revenues of your business.

There are different vat rates on different services and goods while certain items and services may also be 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 enterprise is vat registered. Anyway, most other firms that you contend with will require your vat registration before they commence business together with you in order that the vat chain isn’t interrupted.

In case you have started a business or are planning to do so in the near future you will need to obtain registered for uk vat in addition to eu vat, specifically if you want to deal with other EU countries. This will allow you to claim vat that 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 start trading on a large scale in order to corner all benefits offered by vat.