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 and you too should save on effort and time by using all online vat services offered by your own vat department.
In the UK vat rules specify that you can make an application for vat registration in case your taxable sales rise above the vat threshold limit of Â£70,000 in the past 1 year or if you feel that they will do this over the following 1 month, even though you could register even before the 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 generally utilised by small establishments. In case your organization is a partnership firm, a group of companies, or plans to do business internationally then you could download and print all vat registration forms but will probably be needed to fill the form manually before sending it 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’ll need to first study all applicable vat rules before you decide to register your business online. Should you have trouble in deciphering uk vat or eu vat rules then it is better if you appoint a vat agent or perhaps a customs and excise customs vat agent in case you plan to conduct your business on an international level. This may enable you to remain safe while following all vat rules in several countries with falling foul of any department.
Once you send your vat online registration form to your 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, banking account numbers, and a lot of other details associated with your small business together with a few purchase and sales invoices.
As soon as your application is eligible you will receive your vat number and you’ll now have to change your invoicing approach 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 in your vat returns which will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the United Kingdom you will discover 3 different types of vat rates applicable to all goods and services. The standard vat rates are 17.5% that’s set to raise to 20% from January 4, 2011 onwards. There is a reduced vat rate of 5% plus a zero vat rate on specific goods and services which will remain the same. There’s also certain products or services which are vat exempt. However, the vat rates will vary in each eu country even though basic reasoning behind charging vat tax continues to be same in most vat enabled countries.
If you want to register your business for vat then going on the internet may help save 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 in case your organization is based in the UK or ask your vat agent to do this on your behalf before using online vat registration to get registered as being a vat dealer without having problem.