If you are a trader located in the UK or any other EU country that 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 so you too should reduce time and effort by using all online vat services offered by your vat department.
In the United Kingdom vat rules specify that you could apply for vat registration if your taxable sales rise above the vat threshold limit of Â£70,000 in the past 1 year or if you feel that they will do so over the following 1 month, although you can still register before your sales touch this figure. However, you can vatnumbersearch.com at the moment only complete basic vat online registration by filling and submitting vat form 1 online. This form is normally utilised by small businesses. In case your business is a partnership firm, a group of companies, or intends to do business internationally then you can download and print all vat registration forms but will be needed to fill up 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 will need to first study all applicable vat rules before you register your business online. In case you have trouble in deciphering uk vat or eu vat rules then its better if you appoint a vat agent or perhaps a customs and excise customs vat agent in case you intend to conduct your business on an international level. This will allow you to remain safe while following all vat rules in several countries with falling foul of any department.
Once you send your vat online registration form to your hmrc department then you will receive a vat questionnaire within 15 days that will require additional details to be submitted including your organization address, telephone and fax numbers, bank account numbers, and a lot of other details associated with your business together with a few purchase and sales invoices.
As soon as your application is approved you will receive your vat number and you will now need to alter your invoicing approach to issue vat invoices for all of your sales. This vat invoice will need to display your vat no, vat rate, vat amount and the same will also need to be shown on your vat returns which will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the United Kingdom there are 3 types of vat rates applicable to all goods and services. The standard vat rate is 17.5% that’s set to increase to 20% from January 4, 2011 onwards. There is a reduced vat rate of 5% plus a zero vat rate on specific goods and services that will stay 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 reasoning behind charging vat tax continues to be same in most vat enabled countries.
If you want to register your business for vat then going online may help save your time plus allow you to securely complete the required process required for vat registration. You ought to simply log on to the hmrc vat department in case your organization is located in the UK or ask your vat agent to do so for you before using online vat registration to have registered as a vat dealer without any problem.