If you’re a trader based in the UK or any other EU country that has adopted vat to be 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 reduce time and effort by utilizing all online vat services provided by your own vat department vat verification.
In the United Kingdom vat rules specify that you could make an application for vat registration if your taxable sales rise over the vat threshold limit of Â£70,000 during the past 1 year or if you feel they will do this within the next 1 month, even though you can still register even before your sales touch this figure. However, you can at present only complete basic vat online registration by filling and submitting vat form 1 online. This form is normally utilised by small establishments. If your organization is a partnership firm, a group of companies, or intends to conduct 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 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 which has adopted vat then you’ll have to first study all applicable vat rules before you register your business online. In case you have trouble in deciphering uk vat or eu vat rules then its 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 will enable you to remain safe while following all vat rules in different countries with falling foul of any department.
Once you send your vat online registration form to the 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 several other details associated with your business including 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 need to display your vat no, vat rate, vat amount and also the same must also be shown on your vat returns which will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK you will discover 3 types of vat rates applicable for all goods and services. The regular vat rates are 17.5% that’s set to increase to 20% from January 4, 2011 onwards. There’s a reduced vat rate of 5% plus a zero vat rate on specific goods and services that will remain the same. There are also certain goods and services that are vat exempt. However, the vat rates will vary in each eu country even though basic reasoning behind charging vat tax remains the same in all vat enabled countries vat validation.
If you want to register your business for vat then going on the internet will help save time and also enable you to securely complete the necessary process required 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 for you before using online vat registration to get registered as a vat dealer without having problem.