If you are planning to market services or goods in Britain then you definitely might soon have to turn into a VAT registered trader and to achieve it you will have to make a vat application for vat registration and vat refunds in the future. It really is however, essential that you get your application right the first time around for seamless integration into the vat tax system.
Great Britain along with the majority of the eu countries have shifted to vat or value added tax for taxing services and goods available in their respective countries and even re-exported from those countries. If your trading business deals at a very small scale to individual end-users you then might not need to sign up for vat simply because this will let you keep the costs at a lower level. However, once your sales touch the vat threshold limit of 70,000 sterling pounds within the previous Yr or if you think that this figure could be achieved within the coming 30 days then you will have to make an application for vat registration.
In the UK all vat rules are issued and managed by Her Majesty?s Revenue and Customs department or hmrc. In case your sales are near the vat threshold limit or if you think that you need to issue vat invoices to any or all your clients then you definitely should make an application for vat certification to the hmrc vat control. It is possible to do so by looking into making an online application, especially if you are a person running your own business. You can easily fill up a vat form known as VAT 1 online and submit it online to hmrc vat department. In case your organization be a partnership, a company, a trust, a charity, or any other kind of organization then you can download the applicable vat application but will need to print it at your end, fill it up and dispatch it physically to hmrc.
In the event the hmrc vat department does not have any additional queries upon receiving your application then you can expect your vat certificate to arrive within one month. Thus, if you want to receive your vat registration with no hiccups you then should hire a vat agent that has expertise in uk vat and even eu vat systems so that there’s complete adherence to all or any vat rules. Your vat agent can also direct you during filing of vat returns.
Should you import goods or services from other eu countries that have already charged you vat on the same then you will again want to make a vat refund application to recover that double-taxed amount. Again, your vat agent would be able to make necessary vat applications for vat refunds in the stipulated time. This will help redirect vital funds back into your enterprise. Since all applications related to vat usually are of time-bound nature, it is crucial that you file them within the stipulated time frame.
If you want to charge vat to the clients then you’ll have to make an application for vat registration to the hmrc once your business becomes entitled to such a move useful content. You must enrol the aid of an expert vat agent so your vat application is approved instantly and your vat registration and future vat refunds are awarded without problems.