Use online vat registration for quicker and safe vat registering
If you are a trader based in the UK or other EU country which 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 reduce effort and time by using all online vat services offered 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 during the past 1 year or if you feel they will do this over the following 30 days, although you can still register even before the sales touch this figure. However, you can at present only complete basic vat online registration by filling and submitting vat form 1 online. This form is generally used by small establishments. In case your organization 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 probably be required to fill up 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’ll have to first study all applicable vat rules before you decide to register your business online. Should you have trouble in deciphering uk vat or eu vat rules then its better if you appoint a vat agent or even a customs and excise customs vat agent in the event you intend 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 the hmrc department then you will get a vat questionnaire within 15 days that will need additional details to be submitted including your organization address, telephone and fax numbers, bank account numbers, and several other details connected to your small business including a few purchase and sales invoices.
As soon as your application is approved then 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 also the same must also be shown on your vat returns which will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK there are 3 types of vat rates applicable for all goods and services. The regular vat rate is 17.5% that is set to raise 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 which will remain the same. There are also certain products or services that are vat exempt. However, the vat rates will vary in each eu country although the basic concept of charging vat tax continues to be same in all vat enabled countries.
If you wish to register your business for vat then going online will help save time plus enable you to securely complete the required process needed for vat registration. You ought to simply log on to the hmrc vat department if your organization is located in the UK or ask your vat agent to do this on your behalf before using online vat registration to have registered as being a vat dealer without having problem.
