If you are 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 all vat registered traders after April 01, 2010, regardless of sales to pay their vat online.
Most smaller businesses are now adopting computers and the internet for running their businesses. This is indeed a time-saving feature since it becomes rather easy to issue vat invoices, calculate vat rates, and also file vat returns quickly. If you have been using several vat online services offered by the hmrc vat department including filing your vat returns online then you will also need to pay your vat online. This method is quicker and much more secure as you might otherwise never know when your vat payments have reached the concerned vat department, and may be penalized for late payments due to delays in postal services.
You’ll 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 vatverification market after charging the applicable vat rates. You can also go in for a vat refund in case vat was already 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 you will surely realise that it is not a challenging 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 while also providing other details like vat sales and purchases to the particular period, vat amounts paid and collected, and the level of vat, if any, to generally be paid. You may also utilize several methods to pay your vat online.
You can elect 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 in 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 the payment to get transferred to the hmrc vat account. This should permit you plenty of time to calculate and make your vat payments well on time in order to avoid any late payment surcharge. If you haven’t yet computerised your business operations then you certainly ought to do so since this move will definitely help your business to keep a record of sales, purchases and taxes simultaneously.
If you are a vat registered trader in the UK or in any other eu country then you will surely have the option for making vat payments online. This mode of payment is fast and secure, and you should certainly use it while paying vat online if you wish to pay your vat taxes in a safe and seamless manner.