In case you are based in the UK with offices or contacts in a number of eu countries that have also adopted vat then you certainly should start your own VAT consultancy firm to deal with traders. Most traders in the UK that touch the vat threshold limit and turn into vat registered traders don’t have detailed knowledge of what is vat and you could guide them in paying and reclaiming vat so that their business prospers with time.
You will have to be professionally qualified in not only issues connected to uk vat and eu vat but must also possess all necessary qualifications in handling customs and excise duties, personal, small enterprise and corporate finances, as well as other finance departments related to vat. This will help you to comprehend and explain all vat issues to your clients before you start handling matters related to vat, and even customs and excise vies. You will have to communicate regularly with HM Revenue and Customs department or hmrc vat department in the United Kingdom as well as other vat departments in several eu countries in case your client wishes to file for vat refunds.
During these high-tech times your consultancy will need to be furnished with computers linked to the internet since most vat services provided by hmrc including filing vat registration, vat returns and vat refunds will completely move online from the current paper format. You should hire expert staff for the vat consultancy firm so that they can handle all outdoor services allowing you free to engage with your clients and handle their needs. Once a trader wishes to opt for vat registration or possibly compelled to apply for vat registration after touching ?70,000 in taxable sales then you can certainly get yourself into the picture to deal with all of their vat tax requirements.
Dependant upon the vat scheme opted by each client, you will probably have to file vat returns on a monthly, quarterly or yearly basis. Additionally, you will have to calculate the volume of vat to be paid or collected from hmrc while filing these returns. In case your clients have previously paid vat on services or goods imported from another eu country that follows vat then you can offer them a scheme whereby you can follow-up the vat refund on their behalf and take a commission on the vat reclaim amount only if you are successful in getting the vat amount back on their behalf. This move will attract your clients to opt for this method and in turn will reward you as each vat claim gets successfully processed by the relevant vat department.
Getting to be a vat registered trader, maintaining vat records and filing vat returns and vat refunds promptly can be a tedious process, and businesses might simply waste a lot of time to maintain records as opposed to running their business. This should be your selling point when you offer your services to the client so that they can concentrate on increasing their business instead of simply handling vat paperwork. In case your services are honest and efficient in that case your consultancy firm will surely grow by leaps and bounds in the coming years.
Vat is certainly here to stay because this offers governments an opportunity to enhance their revenues and plug tax holes click here. You also should step into the consultancy market and commence your personal vat consultancy firm to soundly guide traders through the maze of vat rules so that they can focus on running their business leaving the rest to your expertise.