Start your personal vat consultancy firm to deal with traders

Start your personal vat consultancy firm to deal with traders

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 personal VAT consultancy firm to take care of traders. Most traders in the United Kingdom that touch the vat threshold limit and turn into vat registered traders do not have detailed knowledge on what is vat and you could guide them in paying and reclaiming vat so that their business prospers with time vat number.

You will need 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 the clients before you begin handling matters in connection with vat, and also customs and excise. You will need to communicate regularly with HM Revenue and Customs department or hmrc vat department in the UK and various other vat departments in different eu countries if the client wishes to file for vat refunds.

During these high-tech times your consultancy will need to be equipped with computers linked to the internet as most vat services offered by hmrc including filing for 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 requirements. When a trader wishes to opt for vat registration or is compelled to get vat registration after touching ?70,000 in taxable sales then you can certainly step into the picture to deal with all of their vat tax requirements.

Depending on the vat sc heme opted by each client, you will also need to file vat returns on a monthly, quarterly or yearly basis. Additionally, you will need to calculate the amount of vat to be paid or collected from hmrc while filing these returns. In case your clients have already paid vat on goods or services imported from another eu country that follows vat you'll be able to offer them a scheme whereby you are able to follow up the vat refund on their behalf and take a commission from the vat reclaim amount only if you're successful in obtaining the vat amount back for them. This move will attract your customers to opt for this process and in turn 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 can be a tedious process, and businesses might simply waste a lot of time to maintain re cords instead of running their business. This should actually be your selling point whenever you offer your services to the client to enable them to focus on increasing their business rather than simply handling vat paperwork. If your services are honest and efficient in that case your consultancy firm will surely grow by leaps and bounds in the long term source.

Vat is certainly not going anywhere as this offers governments an opportunity to enhance their revenues and plug tax holes. You also should step into the consultancy market and commence your personal vat consultancy firm to safely guide traders through the maze of vat rules so that they can concentrate on running their business and leave the remainder to your expertise.