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Complete company vat registration process before you start trading

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 begin trading. This will make sure you 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 plan to import services or goods from EU countries which have enveloped vat, you’ll certainly require to get registered with the relevant vat authorities in your own country. You can utilize vat online services that will enable you register for a vat refund when you import goods or services which have already paid vat in the country of origin. When you are over the vat threshold limit set by the country to turn into a vat registered dealer, you can fill out the necessary vat form so as to get your vat no and start trading like a registered vat trader.

For instance, if you are already trading in britain and have crossed over the minimum vat limit in taxable sales in the previous Twelve months, then you can 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 procedure for vat registration. You can visit their website and fill out the online form to set the ball rolling for quick registration. You will also need to do a detailed study on the actual vat rates about the goods that you propose to trade in, if you plan to begin 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 your country. This move will help you reclaim vat in those countries so as to get to actual costing figures for your products or services. Additionally, you will 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 would be in a stronger position to handle all your vat requirements so that you can concentrate on other avenues to boost revenues of your business.

There are different vat rates on different goods and services while certain items and services are also vat exempt. If you haven’t registered for vat then you can start trading but won’t be allowed to collect vat or claim any vat refunds until your business is vat registered. Anyway, most other firms that you deal with will insist on your vat registration before they commence business with you in order that the vat chain is not interrupted.

If you have started an enterprise or are intending to do so in the future then you need to obtain registered for uk vat in addition to eu vat, especially if you plan to contend with other EU countries. This may allow you to claim vat that has previously 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 massive in order to corner all benefits offered by vat.