Use online vat registration for faster and secure vat enrolling
If you are a trader based in the UK or any other EU country that has adopted vat to be a medium of taxation you then should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations and you too should save on effort and time by using all online vat services provided by your vat department.
In the UK vat rules specify that you can make an application for vat registration if your taxable sales rise above the vat threshold limit of £70,000 in the past 1 year or if you feel they are going to do this 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 and submitting vat form 1 online. This form is generally used by small businesses. In case your organization is a partnership firm, a group of companies, or plans to conduct business internationally then you can download and print all vat registration forms but will probably be required to fill 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 that has adopted vat then you will have 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 it is better if you appoint a vat agent or perhaps a customs and excise customs vat agent in the event you intend to conduct your small 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’ll 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 a lot of other details connected to your small business including a few purchase and sales invoices.
As soon as your application is eligible then you will receive your vat number and you will now have to alter your invoicing method to issue vat invoices for all your sales. This vat invoice will have to display your vat no, vat rate, vat amount and also the same will also need to be displayed in your vat returns that will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK you will discover 3 different types of vat rates applicable to all services and goods. The regular vat rates are 17.5% that’s set to increase to 20% from January 4, 2011 onwards. There’s a reduced vat rate of 5% and a zero vat rate on specific services and goods that will remain the same. There’s also certain products or services which are vat exempt. However, the vat rates will vary in each eu country even though basic concept of charging vat tax remains the same in most vat enabled countries.
If you want to register your organization for vat then going on the internet may help save your time plus allow you to securely complete the necessary process required for vat registration. You should simply log on to the hmrc vat department if your business is based in the UK or ask your vat agent to do this on your behalf before using online vat registration to have registered as a vat dealer without having problem.
