If you’re a trader located in the UK or other EU country which has adopted vat to be 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 using all online vat services offered by your own vat department vat verification.
In the UK vat rules specify that you could apply for vat registration in case your taxable sales rise over the vat threshold limit of Â£70,000 during the past 12 months or if you feel they will do so over the following 1 month, even though you can still register before the sales touch this figure. However, you are able to at the moment only complete basic vat online registration by filling up and submitting vat form 1 online. This form is generally utilised by small businesses. If your business is a partnership firm, a group of companies, or plans 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 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 need 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 small 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’ll get a vat questionnaire within 15 days that will need additional details to be submitted including your business address, telephone and fax numbers, banking account numbers, and a lot of other details connected to your small business together with a few purchase and sales invoices.
Once your application is eligible you will receive your vat number and you’ll now need to change your invoicing approach to issue vat invoices for all of your sales. This vat invoice will need to display your vat no, vat rate, vat amount and the same will also need to be shown in your vat returns which will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the United Kingdom there are 3 types of vat rates applicable for all services and goods. The standard vat rate is 17.5% that is set to raise 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 stay the same. There’s also certain products or services which are vat exempt. However, the vat rates will vary in each eu country although the basic reasoning behind charging vat tax remains the same in all vat enabled countries vat number.
If you want to register your organization for vat then going on the internet will help save time plus enable you to securely complete the required process needed for vat registration. You should simply log on to the hmrc vat department in case your organization is located in the UK or ask your vat agent to do this for you before using online vat registration to get registered as a vat dealer without having problem.