If you are based in the UK with offices or contacts in several eu countries that have also adopted vat then you should start your own 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 on what is vat and you could guide them in paying and reclaiming vat so that their business prospers over time.
You will need to be professionally qualified in not only issues connected to uk vat and eu vat but should also possess all necessary qualifications in handling customs and excise duties, personal, small business 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 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 need to be equipped with computers connected to the internet since 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 your vat consultancy firm so that they can handle all outdoor services leaving you free to communicate with your clients and handle their needs. Once a trader wishes to opt for vat registration or is compelled to apply for vat registration after touching £70,000 in taxable sales then you can step into the picture to handle all their vat tax requirements.
Depending on the vat scheme opted by each client, you will also need to file vat returns on a monthly, quarterly or yearly basis. You will also have to calculate the amount of vat to be paid or collected from hmrc while filing these returns. If your clients have already paid vat on goods or services 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 from the vat reclaim amount only if you are successful in getting the vat amount back for them. 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 on time is a tedious process, and businesses might simply waste a lot of time in maintaining records instead of running their business. This should be your selling point when you offer your services to your client so that they can 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 coming years.
Vat is certainly here to stay as it offers governments a chance to increase their revenues and plug tax holes. You too should step into the consultancy market and start your own 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 rest to your expertise.