Confirm all european vat rules before importing goods into an EU State

In case you have crossed the threshold limit or want to become a part of the vat or value added tax system then you will need to apply for registration for vat to turn into a vat registered trader Http://vatcheck.com. Once you turn into a vat registered trader then you will be empowered to reclaim vat paid in another eu country and thereby decrease your costs and also enhance your business earnings.

Several eu countries like the UK, Spain, Poland, Sweden, Italy, Germany, etc have moved over to vat for taxing goods and services. Vat is thus followed even while trading between member eu countries. In case you have started a fresh business in the United Kingdom and also have touched ?70,000 pounds in taxable sales during the past 12 months then you can definitely make an application for vat registration with the HM Revenue and Customs or hmrc department. You may also apply before threshold limit is achieved if you sell your services or goods to mostly vat registered traders. Vat registration can be done as being an individual, partnership, company, trust, etc as deemed fit by the hmrc department.

However, once you make an application for vat registration then your costs could increase slightly, and when you sell your goods and services locally in the UK at a retail level then you may choose to remain outside of vat if you only sell vat exempt goods. However, if you try to artificially try to separate your business activities only to remain outside the system of vat then the hmrc vat department might not take your actions lightly if you’re discovered doing precisely the same. There are several benefits of entering the vat system since it will prevents the problem of double taxation by allowing you to definitely reclaim vat already paid on services or goods overseas too.

The whole process for registration for vat is pretty simple however, if you aren’t sure about yourself then you definitely should simply appoint a professional vat agent to handle all vat matters. The hmrc vat department offers several vat online services including applications for registration for vat. You can apply for vat through your vat agent too provided you inform the department of your choice. As soon as you make an application for vat registration then this procedure for approving the application typically takes between 10 to 30 days. Until then you can keep issuing regular invoices to your clients. However, in that period you will need to factor in applicable vat rates and re-issue those invoices issued after your application so your clients can reclaim vat from their end.

As soon as your application is eligible then you will receive your unique vat registration number and may need to display it on all vat documents as well as your vat invoices, vat returns, and vat refunds. You will also need to issue a vat invoice that separately shows all vat rates applied in that invoice together with your vat no at the top. You will need to provide a summary of all vat paid and collected within your vat returns that will need to be filed periodically as required by the hmrc vat department. If you have already paid vat on products or services in another eu country then you can certainly try for vat reclaim once you are a certified vat registered trader.

Vat registration is a simple online procedure that has to be done first if you wish to turn into a vat registered trader in the United Kingdom. You can easily fill the web based vat registration form and submit it to the hmrc vat department whenever you make an application for registration for vat.