If you are a trader located in the UK or any other EU country which has adopted vat as a medium of taxation you then should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations so you too should save on effort and time by utilizing all online vat services offered by your own vat department vat verification.
In the UK vat rules specify that you can apply for vat registration in case your taxable sales rise over the vat threshold limit of Â£70,000 during the past 12 months or if you feel they will do so over the following 30 days, although you can still register before your sales touch this figure. However, you are able to at the moment only complete basic vat online registration by filling up and submitting vat form 1 online. This form is normally utilised by small establishments. In case your business is a partnership firm, a group of companies, or plans to conduct business internationally then you could download and print all vat registration forms but will be needed to fill the form manually before sending it back to the HM Revenue and Customs or hmrc vat department.
If you plan to go in for online vat registration in another eu country that has adopted vat then you will have to first study all applicable vat rules before you decide to register your business online. In case you have trouble in deciphering uk vat or eu vat rules then it is better if you appoint a vat agent or even a customs and excise customs vat agent in case you plan to conduct your business on an international level. This may enable 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 need additional details to be submitted such as your business address, telephone and fax numbers, bank account numbers, and several other details associated with your business together with a few purchase and sales invoices.
Once your application is approved you will receive your vat number and you’ll now have to change your invoicing approach to issue vat invoices for all your sales. This vat invoice will have to display your vat no, vat rate, vat amount and the same must also be shown in your vat returns which will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK you will discover 3 types of vat rates applicable to all goods and services. The regular vat rates are 17.5% that is 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 services and goods which will remain the same. There’s also certain products or services which are vat exempt. However, the vat rates are different in each eu country although the basic reasoning behind charging vat tax continues to be same in all vat enabled countries vies.
If you wish to register your business for vat then going online will help save your time plus allow you to securely complete the required process required for vat registration. You should simply log on to the hmrc vat department in case your organization is based in the UK or ask your vat agent to do this for you before using online vat registration to get registered as a vat dealer without having problem.