If you are planning to market goods or services in Britain then you might soon need 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, essential that you get the application right to begin with for seamless integration to the vat tax system.
The UK together with most of the eu countries have shifted to vat or value added tax for taxing goods and services sold in their respective countries and even re-exported from those countries. In case your trading business deals in a quite modest scale to individual end-users then you might not need to sign up for vat since this will allow you to keep the costs in a lower level. However, once your sales touch the vat threshold limit of 70,000 sterling pounds within the previous 12 months or if you think that this figure might be achieved in the coming 30 days then you’ll have to apply for vat registration.
In Britain all vat rules are issued and managed by Her Majesty?s Revenue and Customs department or hmrc. If your sales are near the vat threshold limit or if you think that you need to issue vat invoices to all your clients then you definitely should make an application for vat certification to the hmrc www.vatcontrol.com. You can easily do so by making a web-based application, particularly if you are a person running your individual 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 business is a partnership, a firm, a trust, a charity, or other kind of organization you may download the applicable vat application but will need to print it in your end, fill it up and dispatch it physically to hmrc.
In the event the hmrc vat department does not have any additional queries upon receiving the application then you can certainly expect your vat certificate to arrive within one month. Thus, if you wish to receive your vat registration without any hiccups then you should hire a vat agent that has knowledge of uk vat as well as eu vat systems to ensure that there is complete adherence to all vat rules. Your vat agent may also guide you during filing of vat returns.
If you import services or goods from other eu countries that have already charged you vat on the same then you will again want to make a vat refund application to recoup that double-taxed amount. Again, your vat agent would be able to make the necessary vat applications for vat refunds in the stipulated time. This helps redirect vital funds back into your business. Since all applications associated with vat tend to be of time-bound nature, it is important you file them within the stipulated time period.
If you want to charge vat to your clients then you will have to make an application for vat registration to the hmrc as soon as your business becomes eligible for this kind of move go to my blog. You must enrol the help of an expert vat agent so your vat application is approved instantly and your vat registration and future vat refunds are awarded without any problems.