Complete company vat registration process before starting trading

For those who have started a fresh 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 vatcheck.com, and claim vat refunds so as to reduce the financial burden on your business on account of duplicate taxation.

If you plan to import goods or services from EU countries that have enveloped vat, you will certainly require to obtain registered with all the relevant vat authorities in your own country. You can utilize vat online services that will enable 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 your country in becoming a vat registered dealer, you can fill out the required vat form so as to get your vat no and start trading like a registered vat trader.

For instance, if you’re already trading in britain and also have crossed over the minimum vat limit in taxable sales in the previous Twelve months, then you can apply 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 in the online form to set the ball rolling for quick registration. You’ll also need to do an in depth study about the actual vat rates about the products that you propose to trade in, if you plan to start a new business.

While vat rules are very 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 might have also been paid before shipping it to the country. This move will help you reclaim vat in those countries in order to get to actual costing figures for the products or services. Additionally, you will have 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 would be in a stronger position to deal with all 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 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 businesses that you deal with will insist on your vat registration before they commence business with you so that the vat chain isn’t interrupted.

In case you have started an enterprise or are intending to do it in the future then you need to get registered for uk vat as well as eu vat, especially if you want 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 within 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.