If you are a new entrant to the world of vat or value added tax then it can be intimidating at first and getting vat help at the right time can help save a lot of money and effort in the long run. There are various avenues that can provide you with timely help so that you can quickly settle down to paying and collecting vat and also filing vat returns without any problems.
If you are on the verge of turning into a vat registered trader in the UK after reaching the vat threshold limit of £70,000 in taxable sales then you will need to know all about what is vat so that your transition is not marred by mistakes that could derail your business. In these lightning-fast times, the best help can be found over the internet so as to study all vat rules that pertain to your business. In addition, hiring an expert vat agent or consultant is a must if you want to remain on the right side of HM Revenue and Customs or hmrc that handles vat in the UK, Northern Ireland and the Isle of Man.
The best vat help can be found on the hmrc vat website itself where you can learn all about implementing vat into your business. You can learn on how to apply for vat registration, calculate vat rates, collect and pay vat, issue vat invoices, maintain a vat register, file vat returns and also apply for VAT refunds for vat already paid on goods and services. In addition, there are several online forums that can also help you understand particular queries that you might have. Your vat agent too can guide you in case you are at a loss to understand certain aspects of vat. Other eu countries that follow vat also have their own help versions in their own languages.
The hmrc website offers much more than help topics on vat since it also allows you to fill up certain vat forms online while allowing you to download others. You can also file online vat returns with the help of your vat agent, which in turn will help save precious time and effort. If you are importing goods or have utilized services in any eu country that has adopted vat and have paid vat for the same, then you can also file for a vat reclaim in the country of origin. In such a case you can get help from your vat agent that might follow up on your vat refund for a percentage of that vat tax amount. Since vat refunds usually take between 4 to 8 months to materialize, timely help from an experienced vat agent can help you focus on your business while you agent follows up on the vat refund and makes sure that the tax amount is deposited in your bank account.
Learning various vat rules on uk vat and eu vat can seem to be a frightening prospect but you can explore various types of help provided through books and the internet too. Your vat agent too can help you out to a great extent although it would surely help if you learnt the basics of vat so as to know your standing at all times. Certainly, getting vat help at the right time can help save a lot of money and effort, and also prevent you from making any mistakes in collecting vat or filing vat returns, which could be looked at with suspicion from hmrc vat department.