If you’re a trader located in the UK or other EU country which 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 time and effort by utilizing all online vat services provided by your vat department.
In the UK 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 in 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 are able to at the moment only complete basic vat online registration by filling up and submitting vat form 1 online. This form is normally used by small establishments. If your business is a partnership firm, a group of companies, or plans to do 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 which has adopted vat then you’ll need to first study all applicable vat rules before you register your organization online. Should you have trouble in deciphering uk vat or eu vat rules then it is better if you appoint a vat agent or perhaps a customs and excise customs vat agent in the event you plan to conduct your small business on an international level. This may 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 including your business address, telephone and fax numbers, bank account numbers, and several other details connected to your small business together with a few purchase and sales invoices.
As soon as your application is approved then you will receive your vat number and you will now have to alter your invoicing method to issue vat invoices for all your sales. This vat invoice will need to display your vat no, vat rate, vat amount and the same must also be displayed 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 goods and services. The regular vat rate is 17.5% that is set to raise to 20% from January 4, 2011 onwards. There is a reduced vat rate of 5% and a zero vat rate on specific goods and services that will stay the same. There are also certain goods and services which are vat exempt. However, the vat rates are different in each eu country although the basic reasoning behind charging vat tax continues to be same in all vat enabled countries.
If you want 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 ought to simply log on to the hmrc vat department in case your organization is based in the UK or ask your vat agent to do this on your behalf before using online vat registration to get registered as a vat dealer without having problem.