If you are based in the UK with offices or contacts in a number of eu countries that have also adopted vat then you should start your own VAT consultancy firm to deal with traders. Most traders vatverification in the UK that touch the vat threshold limit and turn into vat registered traders do not have detailed knowledge on what is vat therefore you could guide them in paying and reclaiming vat to ensure 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, and various 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. You will need 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 if the client wishes to file for vat refunds.
In these high-tech times your consultancy will have to be furnished with computers connected to the internet as most vat services provided by hmrc including filing for vat registration, vat returns and vat refunds will completely move online from the current paper format. You need to hire expert staff for the vat consultancy firm in order to handle all outdoor services leaving you free to communicate with your clients and handle their needs. When a trader wishes to go for vat registration or is compelled to get vat registration after touching ?70,000 in taxable sales then you can get yourself into the picture to deal with all of their vat tax requirements.
Depending on 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 amount of vat to be paid or collected from hmrc while filing these returns. If 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 are able to follow-up the vat refund on their behalf and have a commission on the vat reclaim amount only when you’re successful in obtaining the vat amount back for them. This move will attract your customers to opt for this process and as a result will reward you as each vat claim gets successfully processed by the relevant vat department.
Turning into a vat registered trader, maintaining vat records and filing vat returns and vat refunds on time is a tedious process, and businesses might simply waste lots of time in maintaining records as opposed to running their business. This should actually be your selling point whenever you offer the services you provide 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 certainly grow by leaps and bounds in the coming years.
Vat is obviously not going anywhere as this offers governments an opportunity to increase their revenues and plug tax holes. You also should step into web site the consultancy market and commence your personal vat consultancy firm to safely guide traders through the maze of vat rules to enable them to concentrate on running their business leaving the rest to your expertise.