If you are planning to sell services or goods in Britain then you might soon need to turn into a VAT registered trader and to achieve it you will need to make a vat application for vat registration and vat refunds in the foreseeable future. It is however, essential that you get your application right to begin with for seamless integration to the vat tax system.
Great Britain along with the majority of the eu countries have shifted over to vat or value added tax for taxing services and goods sold in their respective countries or even re-exported from those countries. If your trading business deals in a very small scale to individual end-users then you may not have to register for vat since this vatvalidation.com will allow you to keep the costs at a lower level. However, once your sales touch the vat threshold limit of 70,000 sterling pounds within the previous 12 months or if you feel that this figure might be achieved within the coming 1 month then you will have to apply for vat registration.
In Britain all vat rules are issued and managed by Her Majesty?s Revenue and Customs department or hmrc. If your sales have reached the vat threshold limit or if you feel that you need to issue vat invoices to all your customers then you definitely should make an application for vat certification to the hmrc. You can easily achieve this by looking into making an online application, particularly if you are a person running your own business. You can simply fill up a vat form referred to as VAT 1 online and submit it online to hmrc vat department. Should your business is a partnership, a firm, a trust, a charity, or any other kind of organization then you can download the applicable vat application form but will have to print it at your end, fill it up and dispatch it physically to hmrc.
In the event the hmrc vat department doesn’t have any additional queries upon receiving your application then you can expect your vat certificate to reach within 30 days. Thus, if you wish to receive your vat registration with no hiccups you then should hire a vat agent that has knowledge of uk vat and even eu vat systems so that there’s complete adherence to all vat rules. Your vat agent can also guide you during filing of vat returns.
Should you import goods or services from other eu countries which have already charged you vat on the same then you’ll again want to make a vat refund application to recoup that double-taxed amount. Again, your vat agent can make necessary vat applications for vat refunds within the stipulated time. This helps redirect vital funds back into your enterprise. Since all applications related to vat tend to be of time-bound nature, it is important that you file them within the stipulated time period.
If you would like charge vat to the clients then you will need to apply for vat registration to the hmrc once your business becomes eligible for this kind of move. You should enrol the help of an expert vat agent so that your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without problems.