If you are planning to sell goods or services in Britain then you definitely might soon need to turn into a VAT registered trader and to achieve it you will have to make a vat application for vat registration and vat refunds in the foreseeable future. It really is however, important that you get the application right to begin with for seamless integration into the vat tax system.
Great Britain along with most of the eu countries have shifted over to vat or value added tax for taxing services and goods sold in their respective countries or even re-exported from those countries. In case your trading business deals in a very modest scale to individual end-users you then might not have to sign up for vat since this will let you keep the costs in a lower level. However, when your sales touch the vat threshold limit of 70,000 sterling pounds within the previous Yr or if you feel that this figure might be achieved within the coming 1 month then you will have to apply for vat registration.
In the UK all vat rules are issued and managed by Her Majesty?s Revenue and Customs department or hmrc. If your sales are near the vat threshold limit or if you feel that you have to issue vat invoices to any or all your customers then you definitely should make an application for vat certification to the hmrc vat control. You can easily achieve this by looking into making a web-based application, especially if you are a person running your individual business. You can simply fill a vat form known as VAT 1 online and submit it online to hmrc vat department. In case your organization be a partnership, a company, a trust, a charity, or any other kind of organization then you can download the applicable vat application but will need to print it in your end, fill it up and dispatch it physically to hmrc.
If the hmrc vat department does not have any additional queries upon receiving your application then you can expect your vat certificate to reach within one month. Thus, if you want to receive your vat registration without any hiccups you then should hire a vat agent who has knowledge of uk vat and even eu vat systems so that there is complete adherence to all vat rules. Your vat agent may also direct you during filing of vat returns.
Should you import goods or services from other eu countries that have already charged you vat on the same then you will again need to make a vat refund application to recoup that double-taxed amount. Again, your vat agent would be able to make necessary vat applications for vat refunds in the stipulated time. This will help redirect vital funds back into your enterprise. Since all applications associated with vat usually are of time-bound nature, it is important you file them within the stipulated time period.
If you want to charge vat to the clients then you will have to make an application for vat registration to the hmrc once your business becomes eligible for this kind of move recommended reading. You should enrol the help of an expert vat agent so that your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without any problems.