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 and you too should save on effort and time by using all online vat services provided by your vat department.
In the UK vat rules specify that you can apply for vat registration if your taxable sales rise above the vat threshold limit of Â£70,000 in the past 12 months or if you feel that they will do so within the next 30 days, even though you can still register before your sales touch this figure. However, you are able to vat number search at present only complete basic vat online registration by filling up and submitting vat form 1 online. This method is normally used by small establishments. If your business is a partnership firm, a group of companies, or intends to conduct business internationally then you could download and print all vat registration forms but will probably be required to fill up the form manually before sending it to the HM Revenue and Customs or hmrc vat department.
If you plan to go in for online vat registration in another eu country that has adopted vat then you’ll have to first study all applicable vat rules before you decide to 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 even a customs and excise customs vat agent in the event you intend to conduct your small business on an international level. This may enable 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 the hmrc department then you’ll get a vat questionnaire within 15 days that will need additional details to be submitted including your organization address, telephone and fax numbers, bank account numbers, and a lot of other details associated with your business including a few purchase and sales invoices.
Once 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 of your sales. This vat invoice will need to display your vat no, vat rate, vat amount and also the same will also need to be shown on your vat returns that will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the United Kingdom you will discover 3 types of vat rates applicable for all services and goods. 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 which will remain the same. There’s also certain products or services which are vat exempt. However, the vat rates are different in each eu country although the basic concept of charging vat tax continues to be same in all vat enabled countries.
If you wish to register your business for vat then going on the internet will help save your time plus enable 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 so for you before using online vat registration to get registered as a vat dealer without any problem.