If you’re a trader based in the UK or any other EU country that has adopted vat as a medium of taxation then you should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations so you too should save on effort and time by utilizing all online vat services offered by your own vat department vat verification.
In the UK vat rules specify that you could make an application for vat registration if your taxable sales rise above the vat threshold limit of Â£70,000 in the past 1 year or if you feel they will do this within the next 1 month, although you could register even before the sales touch this figure. However, you are able to at the moment only complete basic vat online registration by filling and submitting vat form 1 online. This form is generally utilised by small businesses. In case your business is a partnership firm, a group of companies, or intends to conduct business internationally then you could download and print all vat registration forms but will be required to fill the form manually before sending it to the HM Revenue and Customs or hmrc vat department.
If you are planning to go in for online vat registration in another eu country that has adopted vat then you’ll have to first study all applicable vat rules before you decide to register your business online. Should you have trouble in deciphering uk vat or eu vat rules then its better if you appoint a vat agent or perhaps a customs and excise customs vat agent in the event you plan to conduct your business on an international level. This will enable you to remain safe while following all vat rules in several countries with falling foul of any department.
When you send your vat online registration form to the hmrc department then you’ll get a vat questionnaire within 15 days that will need additional details to be submitted such as your organization address, telephone and fax numbers, bank account numbers, and a lot of other details associated with your small business including a few purchase and sales invoices.
As soon as your application is approved you will receive your vat number and you’ll now have to change your invoicing method to issue vat invoices for all of your sales. This vat invoice will have to display your vat no, vat rate, vat amount and also the same must also be shown in your vat returns which will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the United Kingdom you will discover 3 different types of vat rates applicable to all services and goods. The regular vat rates are 17.5% that’s set to increase to 20% from January 4, 2011 onwards. There’s a reduced vat rate of 5% and a zero vat rate on specific services and goods that will remain the same. There’s also certain products or services which are vat exempt. However, the vat rates are different in each eu country even though basic concept of charging vat tax remains the same in most vat enabled countries check vat number.
If you want to register your business for vat then going on the internet will help save time plus allow you to securely complete the necessary process needed for vat registration. You should simply log on to the hmrc vat department if your organization is based in the UK or ask your vat agent to do so on your behalf before using online vat registration to have registered as being a vat dealer without having problem.