If you’re a trader located in the UK or any other EU country that has adopted vat as a medium of taxation you then should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations so you too should save on time and effort by using all online vat services provided by your vat department search vat number.
In the United Kingdom vat rules specify that you can make an application for vat registration in case your taxable sales rise above the vat threshold limit of Â£70,000 during the past 1 year or if you feel that they are going to do so over the following 30 days, even though you can still register before your sales touch this figure. However, you can at present 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 organization 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 needed to fill the form manually before sending it back to the HM Revenue and Customs or hmrc vat department.
If you plan to go in for online vat registration in another eu country which has adopted vat then you’ll have to first study all applicable vat rules before you 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 even a customs and excise customs vat agent in case you plan to conduct your business on an international level. This will allow 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 your hmrc department then you will get a vat questionnaire within 15 days that will need additional details to be submitted such as your organization address, telephone and fax numbers, banking account numbers, and several other details associated with your business including a few purchase and sales invoices.
As soon as your application is eligible then 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 displayed in your vat returns that will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK you will discover 3 different types of vat rates applicable to all services and goods. The regular vat rates are 17.5% that is set to raise to 20% from January 4, 2011 onwards. There’s a reduced vat rate of 5% plus 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 vat control.
If you wish to register your business for vat then going on the internet will help save your time and also 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 this for you before using online vat registration to get registered as being a vat dealer without any problem.