If you’re a trader located in the UK or 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 utilizing all online vat services provided by your vat department check vat number.
In the UK vat rules specify that you could make an application for vat registration if your taxable sales rise above the vat threshold limit of Â£70,000 in the past 1 year or if you feel they are going to do so within the next 30 days, even though you can still register even 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 normally used by small establishments. In case your organization is a partnership firm, a group of companies, or plans to do business internationally then you can download and print all vat registration forms but will be required to fill up the form manually before sending it 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 which has adopted vat then you’ll 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 its 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 may enable you to remain safe while following all vat rules in different 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 require 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 business including a few purchase and sales invoices.
As soon as your application is approved you will receive your vat number and you’ll now need to alter your invoicing method to issue vat invoices for all of 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 that will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK there are 3 different types of vat rates applicable to all services and goods. The regular vat rates are 17.5% that’s 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 services and goods that will remain the same. There are also certain products or services that are vat exempt. However, the vat rates are different in each eu country although the basic concept of charging vat tax continues to be same in all vat enabled countries vat control.
If you wish to register your organization for vat then going on the internet will help save your time plus enable you to securely complete the necessary process required for vat registration. You should simply log on to the hmrc vat department if your organization is based in the UK or ask your vat agent to do so on your behalf before using online vat registration to have registered as being a vat dealer without any problem.