If you are planning to sell services or goods in Britain then you might soon have to turn into a VAT registered trader in order to achieve it you will have to make a vat application for vat registration and vat refunds in the future. It really is however, important that you get your application right the first time around for seamless integration into the vat tax system.
Great Britain along with most of the eu countries have shifted over to vat or value added tax for taxing goods and services available in their respective countries and even re-exported from those countries. If your trading business deals at a quite small scale to individual end-users then you may not need to register for vat simply because this vat validation will let you keep the costs at a lower level. However, when your sales touch the vat threshold limit of 70,000 sterling pounds within the previous Yr or if you think that this figure might be achieved in the coming 1 month then you’ll need to apply for vat registration.
In the UK all vat rules are issued and managed by Her Majesty?s Revenue and Customs department or hmrc. In case your sales are near the vat threshold limit or if you feel that you have to issue vat invoices to all your clients then you should make an application for vat certification to the hmrc. You can easily achieve this by making an online application, particularly if you are a person running your own business. You can simply fill up a vat form referred to as VAT 1 online and submit it online to hmrc vat department. Should your organization be a partnership, a firm, a trust, a charity, or other type of organization you may download the applicable vat application but will have to print it in your end, fill it up and dispatch it physically to hmrc.
If the hmrc vat department does not have any additional queries upon receiving the application then you can certainly expect your vat certificate to reach within 30 days. Thus, if you want to receive your vat registration with no hiccups then you should hire a vat agent that has knowledge of uk vat and even eu vat systems to ensure that there’s complete adherence to all vat rules. Your vat agent may also guide you during filing of vat returns.
Should you import goods or services from other eu countries that have already charged you vat on the very same then you’ll again need to make a vat refund application to recoup that double-taxed amount. Again, your vat agent can make the necessary vat applications for vat refunds in the stipulated time. This will help redirect vital funds back into your business. Since all applications associated with vat usually are of time-bound nature, it is important you file them well within the stipulated time period.
If you would like charge vat to your clients then you’ll need to apply for vat registration to the hmrc once your business becomes eligible for such a move. You must enrol the aid of an expert vat agent so your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without problems.