If you are a trader located in the UK or other EU country that has adopted vat to be 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 reduce effort and time by using all online vat services offered by your vat department vat registration.
In the UK 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 during the past 12 months or if you feel that they will do this over the following 30 days, even though you could register before your 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 normally utilised by small businesses. In case your business is a partnership firm, a group of companies, or plans to conduct 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 back to the HM Revenue and Customs or hmrc vat department.
If you plan to go in for online vat registration in another eu country that has adopted vat then you will need to first study all applicable vat rules before you decide to register your organization online. In case 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 case you intend to conduct your business on an international level. This may enable you to remain safe while following all vat rules in different countries with falling foul of any department.
When 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 including your organization address, telephone and fax numbers, bank account numbers, and a lot of other details connected to your business including a few purchase and sales invoices.
As soon as your application is eligible you will receive your vat number and you’ll now need to change your invoicing approach to issue vat invoices for all your sales. This vat invoice will need to display your vat no, vat rate, vat amount and the same must also be displayed in your vat returns that will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the United Kingdom you will discover 3 different types of vat rates applicable for all goods and services. The standard vat rates are 17.5% that is set to increase to 20% from January 4, 2011 onwards. There’s a reduced vat rate of 5% plus a zero vat rate on specific services and goods which will stay the same. There are also certain goods and services which are vat exempt. However, the vat rates are different in each eu country although the basic concept of charging vat tax continues to be same in most vat enabled countries check vat number.
If you want to register your organization for vat then going on the internet may help save your time and also enable you to securely complete the necessary process needed for vat registration. You should simply log on to the hmrc vat department if your organization is located in the UK or ask your vat agent to do so for you before using online vat registration to have registered as a vat dealer without having problem.