If you are a registered trader in the UK then by paying vat online you can save effort and time. Anyway, the HM revenue and customs or hmrc vat department has already made it mandatory for all traders with a sales turnover of ?100,000 or even more and vat registered traders after April 01, 2010, irrespective of sales to pay their vat online.
Most small businesses are adopting computers and the internet for running their businesses. This is indeed a time-saving feature since it becomes quite easy to issue vat invoices, calculate vat rates, and also file vat returns quickly. If you have been using several vat online services offered by the hmrc vat department http://checkvatnumber.com including filing your vat returns online you must need to pay your vat online. This method is quicker and more secure as you might otherwise don’t know if your vat payments have reached the concerned vat department, and may be penalized for late payments on account of delays in postal services.
You’ll certainly have to know all about uk vat and eu vat rules, especially if you import goods from member eu states and sell them in the UK market after charging the applicable vat rates. You can also go in for a vat refund in the event vat has already been paid in the nation of origin on any services or goods imported by you into the UK. However, if you have trouble to understand different vat rules in various countries then appointing a competent vat agent with sufficient knowledge on customs and excise rules would ensure smooth payment of all relevant taxes and duties.
Once you start paying vat online you will surely realise that it is not a difficult task in any way and instead helps you save a lot of time and energy. You will have to mention your vat registration number as the reference number whilst providing other details such as vat sales and purchases for the particular period, vat amounts paid and collected, and the amount of vat, if any, to generally be paid. You can also utilize several methods to pay your vat online.
It is possible to elect to pay your vat online by credit card, debit card, direct debit, bank giro, chaps transfer, and several other modes that are explained at length in the hmrc vat website. If you make a web-based vat payment then you will usually get 7 calendar days over your standard vat return deadline date for the payment to be transferred to the hmrc vat account. This should allow you plenty of time to calculate and work out your vat payments well on time in order to avoid any late payment surcharge. If you have not yet computerised your business operations then you certainly should certainly do this as this move will certainly help your organization to keep track of sales, purchases and taxes simultaneously.
If you are a vat registered trader in the United Kingdom or maybe in some other eu country then you’ll surely have the option of making vat payments online. This mode of payment is quick and secure, and you should certainly make use of it while paying vat online if you wish to pay your vat taxes in a safe and seamless manner.