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 personal VAT consultancy firm to take care of traders. Most traders in the UK that touch the vat threshold limit and turn into vat registered traders do not 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 just issues connected to uk vat and eu vat but must also possess all necessary qualifications in handling customs and excise duties, personal, small business and corporate finances, as well as other finance departments associated with vat. This will help you to understand and explain all vat issues to your vat verification clients before you start handling matters in connection with vat, and also customs and excise. You will have 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 in case your client wishes to file for vat refunds.
In these high-tech times your consultancy will have to be furnished with computers linked to the internet as 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 leaving you free to communicate with your clients and handle their needs. When 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 step into the picture to deal with all their vat tax requirements.
Dependant upon the vat scheme opted by each client, you will also 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 already 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 take a commission on the vat reclaim amount only if you’re successful in getting the vat amount back on their behalf. This move will attract your clients 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 promptly is 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 whenever you offer the services you provide to the client to enable them to focus on increasing their business instead of simply handling vat paperwork. If your services are honest and efficient then your consultancy firm will surely grow by leaps and bounds in the long term.
Vat is obviously here to stay as it offers governments an opportunity to increase their revenues and plug tax holes. You too should step into the consultancy market and start your personal vat consultancy firm to soundly guide traders through the maze of vat rules so that they can concentrate on running their business leaving the rest to your expertise.