If you’re a trader located in the UK or any other EU country which 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 and you too should save on effort and time by utilizing all online vat services provided by your vat department.
In the United Kingdom 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 are going to do so within the next 1 month, even though you could register even before your sales touch this figure. However, you are able to at present only complete basic vat online registration by filling up and submitting vat form 1 online. This form is generally vatverification.com used by small businesses. In case your business is a partnership firm, a group of companies, or plans to do business internationally then you can download and print all vat registration forms but will probably be needed to fill up 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 will have to first study all applicable vat rules before you register your organization online. In case you have trouble in deciphering uk vat or eu vat rules then it is 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 different countries with falling foul of any department.
When you send your vat online registration form to the hmrc department then you will receive 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 connected to your small business including a few purchase and sales invoices.
Once your application is eligible you will receive your vat number and you will now need to alter your invoicing method to issue vat invoices for all your sales. This vat invoice will have to display your vat no, vat rate, vat amount and the same will also need to be displayed in your vat returns that will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK there are 3 different types of vat rates applicable for all goods and services. The standard vat rate is 17.5% that’s 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 goods and services which will stay the same. There are also certain goods and services that are vat exempt. However, the vat rates are different in each eu country although the basic concept of charging vat tax remains the same in most vat enabled countries.
If you want to register your organization for vat then going online will help save your time and also allow you to securely complete the necessary process required for vat registration. You should simply log on to the hmrc vat department if your business is located in the UK or ask your vat agent to do this for you before using online vat registration to have registered as being a vat dealer without having problem.