If you are a trader based in the UK or other EU country that has adopted vat to be a medium of taxation you then should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations so you too should reduce effort and time by utilizing all online vat services provided by your vat department vat control.
In the United Kingdom vat rules specify that you can make an application for vat registration if your taxable sales rise above the vat threshold limit of Â£70,000 during the past 12 months or if you feel they are going to do so within the next 30 days, even though you could register before your sales touch this figure. However, you can at present only complete basic vat online registration by filling up and submitting vat form 1 online. This form is generally utilised by small businesses. In case your organization is a partnership firm, a group of companies, or plans to conduct business internationally then you can download and print all vat registration forms but will probably be needed to fill the form manually before sending it back 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 that has adopted vat then you will have to first study all applicable vat rules before you decide to 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 your hmrc department then you’ll receive a vat questionnaire within 15 days that will need additional details to be submitted including your organization 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.
As soon as your application is approved you will receive your vat number and you will now have to change your invoicing method to issue vat invoices for all of your sales. This vat invoice will have to display your vat no, vat rate, vat amount and the same must also be shown on 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 different types of vat rates applicable to all goods and services. The standard vat rates are 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 services and goods that will stay the same. There’s also certain products or services that 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 most vat enabled countries check vat number.
If you wish to register your business for vat then going on the internet will help save your time and also allow you to securely complete the required process needed for vat registration. You ought to simply log on to the hmrc vat department if your business is located in the UK or ask your vat agent to do this on your behalf before using online vat registration to have registered as being a vat dealer without having problem.