If you’re a registered trader in the UK then by paying vat online you save effort and time. Anyway, the HM revenue and customs or hmrc vat department has made it mandatory for all traders with a sales turnover of ?100,000 or more and vat registered traders after April 01, 2010, regardless of sales to cover their vat online.
Most small businesses are adopting computers and the internet for running their businesses. This really is indeed a time-saving feature as it becomes rather easy to issue vat invoices, calculate vat rates, and even file vat returns quickly. If you’ve been using several vat online services offered by the hmrc vat department www.checkvatnumber.com including filing your vat returns online you must need to pay your vat online. This method is quicker and much more secure since you might otherwise don’t know if your vat payments have reached the concerned vat department, and might be penalized for late payments due to delays in postal services.
You will certainly have to know about uk vat and eu vat rules, especially if you import goods from member eu states and then sell them in the United Kingdom market after charging the applicable vat rates. You may also go in for a vat refund in the event vat has already been paid in the nation of origin on any services or goods imported by you to the UK. However, in case you have trouble in understanding different vat rules in a number of countries then appointing a capable vat agent with sufficient knowledge on customs and excise rules would ensure smooth payment of all relevant taxes and duties.
When you start paying vat online then you will surely realise that it is not a difficult task in any way and instead helps you save a lot of time and effort. You will need to mention your vat registration number as the reference number whilst providing other details like vat sales and purchases to the particular period, vat amounts paid and collected, as well as the level of vat, if any, to generally be paid. You may also utilize several methods to pay your vat online.
It is possible to opt to pay your vat online by credit card, debit card, direct debit, bank giro, chaps transfer, and many other modes that are explained in detail at the hmrc vat website. If one makes an online vat payment then you will usually get 7 calendar days over your standard vat return deadline date for that payment to get transferred to the hmrc vat account. This should allow you plenty of time to calculate and make your vat payments well in time to avoid any late payment surcharge. If you haven’t yet computerised your business operations then you should certainly do so since this move will certainly help your organization to help keep a record of sales, purchases and taxes simultaneously.
If you are a vat registered trader in the UK or maybe in some other eu country then you’ll surely have the option for making vat payments online. This mode of payment is fast and secure, and you ought to certainly make use of it while paying vat online if you wish to pay your vat taxes in a safe and seamless manner.