If you are a trader located in the UK or any other EU country which 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 so you too should reduce effort and time by utilizing all online vat services provided by your vat department.
In the United Kingdom vat rules specify that you could 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 that they will do so over the following 1 month, even though you can still register even before the sales touch this figure. However, you are able to at the moment only complete basic vat online registration by filling up and submitting vat form 1 online. This form is generally used by small establishments. In case your www.vatcontrol.com business is a partnership firm, a group of companies, or intends to do business internationally then you can download and print all vat registration forms but will be required to fill the form manually before sending it to the HM Revenue and Customs or hmrc vat department.
If you plan to go in for online vat registration in another eu country which has adopted vat then you will need to first study all applicable vat rules before you decide to register your organization online. Should you have trouble in deciphering uk vat or eu vat rules then it is better if you appoint a vat agent or perhaps a customs and excise customs vat agent in the event 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’ll get a vat questionnaire within 15 days that will need additional details to be submitted such as your business address, telephone and fax numbers, banking account numbers, and several other details associated with your business together with a few purchase and sales invoices.
Once your application is approved you will receive your vat number and you’ll now have to change 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 also the same will also need to be shown in your vat returns which will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the United Kingdom there are 3 different types of vat rates applicable for all goods and services. The regular vat rate is 17.5% that’s set to increase to 20% from January 4, 2011 onwards. There’s a reduced vat rate of 5% and a zero vat rate on specific goods and services that will stay the same. There’s 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 remains the same in all vat enabled countries.
If you wish to register your business for vat then going online will help save time plus enable you to securely complete the required process needed for vat registration. You ought to simply log on to the hmrc vat department in case your organization is located in the UK or ask your vat agent to do this for you before using online vat registration to get registered as a vat dealer without having problem.