If you’re a trader based in the UK or other EU country that has adopted vat as 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 own vat department.
In the UK vat rules specify that you can make an application for vat registration in case 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, although you can still register before your sales touch this figure. However, you are able to vatnumbersearch.com at present only complete basic vat online registration by filling up and submitting vat form 1 online. This method is normally utilised by small establishments. If your organization is a partnership firm, a group of companies, or intends to conduct business internationally then you could download and print all vat registration forms but will be needed to fill up 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 which has adopted vat then you’ll need to first study all applicable vat rules before you register your organization online. In case 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 case you intend to conduct your business on an international level. This will 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 your hmrc department then you will receive 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 associated with your small business including a few purchase and sales invoices.
Once your application is approved 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 have to display your vat no, vat rate, vat amount and the same must also be displayed on 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 goods and services. The standard vat rates are 17.5% that is set to raise to 20% from January 4, 2011 onwards. There’s a reduced vat rate of 5% plus a zero vat rate on specific goods and services which will stay the same. There are also certain goods and services that are vat exempt. However, the vat rates will vary in each eu country even though basic reasoning behind charging vat tax continues to be same in all vat enabled countries.
If you wish to register your business for vat then going on the internet may help save your time plus allow you to securely complete the required process needed for vat registration. You ought to simply log on to the hmrc vat department if your business is based in the UK or ask your vat agent to do this for you before using online vat registration to get registered as being a vat dealer without any problem.