If you’re a trader based in the UK or 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 reduce effort and time by utilizing all online vat services provided by your vat department.
In the UK vat rules specify that you can make an application for vat registration in case your taxable sales rise over the vat threshold limit of £70,000 in the past 1 year or if you feel that they will do this over the following 1 month, although 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 normally used by small establishments. If your business 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 back to the HM Revenue and Customs or hmrc vat department.
If you plan to go in for online vat registration in another eu country which has adopted vat then you will need to first study all applicable vat rules before you 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 perhaps a customs and excise customs vat agent in the event you intend to conduct your business on an international level. This will enable you to remain safe while following all vat rules in several countries with falling foul of any department.
When you send your vat online registration form to your hmrc department then you’ll get a vat questionnaire within 15 days that will require additional details to be submitted such as your organization address, telephone and fax numbers, banking account numbers, and several other details connected to your business including a few purchase and sales invoices.
Once your application is eligible you will receive your vat number and you will now have to alter your invoicing approach to issue vat invoices for all 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 displayed in your vat returns that will need 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 regular vat rates are 17.5% that is set to raise 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’s also certain goods and services which are vat exempt. However, the vat rates are different in each eu country even though 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 allow you to securely complete the necessary process needed for vat registration. You ought to simply log on to the hmrc vat department if your organization 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.