If you’re a registered trader in the UK then by paying vat online you save time and effort. Anyway, the HM revenue and customs or hmrc vat department has made it mandatory for all those traders with a sales turnover of ?100,000 or more and all vat registered traders after April 01, 2010, irrespective of sales to pay their vat online.
Most small businesses are adopting computers and also the internet for running their businesses. This really is indeed a time-saving feature as it becomes quite easy to issue vat invoices, calculate vat rates, and even file vat returns quickly. If you have been using several vat online services provided by the hmrc vat department including filing your vat returns online you must need to pay your vat online. This technique is quicker and more secure http://vatcontrol.com/vat since you might otherwise never know when your vat payments have reached the concerned vat department, and might be penalized for late payments due to delays in postal services.
You will certainly have to know all about uk vat and eu vat rules, particularly 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 case vat has already been paid in the country of origin on any services or goods imported by you into the UK. However, if you have trouble in understanding different vat rules in a number of 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.
When you start paying vat online you will surely realise that it is not a challenging task at all and instead saves you a lot of time and effort. You will need to mention your vat registration number as your reference number while also 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 may also utilize several methods to pay your vat online.
You can opt to pay your vat online by credit card, debit card, direct debit, bank giro, chaps transfer, and several other modes which are explained in detail at 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 into the hmrc vat account. This should permit 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 ought to do so since this move will definitely help your organization to keep a record of sales, purchases and taxes simultaneously.
If you’re a vat registered trader in the UK or maybe in any other eu country then you’ll surely have the option for making vat payments online. This mode of payment is fast 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.