If you’re a trader based in the UK or other EU country which 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 time and effort by using all online vat services provided by your vat department.
In the UK vat rules specify that you can apply for vat registration in case your taxable sales rise above the vat threshold limit of Â£70,000 in the past 12 months or if you feel that they are going to do this over the following 1 month, even though you could register before the sales touch this figure. However, you are able to at the moment only complete basic vat online registration by filling up and submitting vat form 1 online. This form is generally vatverification.com utilised by small businesses. 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 be required 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 which has adopted vat then you’ll need 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 perhaps a customs and excise customs vat agent in case you plan to conduct your small business on an international level. This may allow 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 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, bank 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’ll now need to change 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 shown in 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 different 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’s a reduced vat rate of 5% and a zero vat rate on specific goods and services which will remain the same. There’s also certain goods and services which are vat exempt. However, the vat rates will vary in each eu country even though basic concept of charging vat tax continues to be same in most vat enabled countries.
If you want to register your organization for vat then going online will help save time and also enable you to securely complete the required process required for vat registration. You should simply log on to the hmrc vat department if your organization is located in the UK or ask your vat agent to do this on your behalf before using online vat registration to get registered as a vat dealer without having problem.