If you’re a trader located in the UK or any other EU country that has adopted vat as a medium of taxation then you should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations so you too should save on time and effort by using all online vat services offered by your vat department.
In the UK vat rules specify that you could apply 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 within the next 30 days, even though you could 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 method is normally www.vatverification.com used by small establishments. If your organization 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 probably be required to fill up 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 business online. Should 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 case you plan to conduct your small business on an international level. This will allow 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 receive a vat questionnaire within 15 days that will need additional details to be submitted including your business address, telephone and fax numbers, banking account numbers, and several other details connected to your small business including a few purchase and sales invoices.
Once your application is eligible 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 need to display your vat no, vat rate, vat amount and also the same will also need to be shown in 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 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 goods and services that will stay the same. There’s also certain products or services which are vat exempt. However, the vat rates will vary in each eu country although the basic reasoning behind charging vat tax remains the same in all vat enabled countries.
If you want to register your business for vat then going on the internet will help save your time and also 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 business is located in the UK or ask your vat agent to do so on your behalf before using online vat registration to get registered as being a vat dealer without having problem.