If you are a registered trader in Britain then by paying vat online you can save effort and time. Anyway, the HM revenue and customs or hmrc vat department has already made it mandatory for all those traders with a sales turnover of ?100,000 or even more and vat registered traders after April 01, 2010, regardless of sales to cover their vat online.
Most small businesses are adopting computers and the internet for running their businesses. This is indeed a time-saving feature as it becomes rather easy to issue vat invoices, calculate vat rates, and even file vat returns quickly. If you have been using several vat online services provided by the hmrc vat department including filing your vat returns online then you will need to pay your vat online. This method is quicker and much more secure as you might otherwise never know if your vat payments have reached the concerned vat department, and might be penalized for late payments on account of delays in postal vat check services.
You will certainly have to know about uk vat and eu vat rules, especially if you import goods from member eu states and then sell them in the United Kingdom market after charging the applicable vat rates. You may also go for a vat refund in case vat has already been paid in the country of origin on any services or goods imported by you into the UK. However, if you have trouble in understanding different vat rules in various countries then appointing a competent vat agent with sufficient knowledge on customs and excise rules would ensure smooth payment of all relevant taxes and duties.
Once you start paying vat online then you will surely realise that it is not a challenging task at all and instead saves you a lot of time and effort. You will have to mention your vat registration number as your reference number while also providing other details such as vat sales and purchases for the particular period, vat amounts paid and collected, and the amount of vat, if any, to be paid. You may also utilize several methods to pay your vat online.
It is possible to elect to pay your vat online by credit card, debit card, direct debit, bank giro, chaps transfer, and many other modes which are explained in detail in the hmrc vat website. If one makes an online vat payment then you will usually get 7 calendar days over your standard vat return deadline date for the payment to be transferred to the hmrc vat account. This should allow you plenty of time to calculate and work out your vat payments well in time in order to avoid any late payment surcharge. If you have not yet computerised your company operations then you certainly ought to do this since this move will certainly help your organization to keep a record of sales, purchases and taxes simultaneously.
If you’re a vat registered trader in the UK or in any other eu country then you’ll surely have the option for making vat payments online. This mode of payment is fast and secure, and you should certainly make use of it while paying vat online if you wish to pay your vat taxes in a safe and seamless manner.