Use online vat registration for quicker and secure vat enrolling
If you’re a trader based in the UK or other EU country which has adopted vat to be a medium of taxation you then should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations and you too should reduce time and effort 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 if your taxable sales rise over the vat threshold limit of £70,000 during the past 12 months or if you feel they will do so over the following 30 days, although you could register even before your sales touch this figure. However, you can at the moment only complete basic vat online registration by filling up and submitting vat form 1 online. This method is normally utilised by small businesses. If your organization is a partnership firm, a group of companies, or plans to do business internationally then you can download and print all vat registration forms but will probably 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 have to first study all applicable vat rules before you 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 even a customs and excise customs vat agent in case you intend to conduct your small business on an international level. This will 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 receive a vat questionnaire within 15 days that will require additional details to be submitted including your business address, telephone and fax numbers, bank account numbers, and several other details connected to your business together with a few purchase and sales invoices.
As soon as your application is eligible then 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 have to display your vat no, vat rate, vat amount and the same will also need to be displayed in your vat returns which will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK there are 3 types of vat rates applicable to all services and goods. The regular vat rate is 17.5% that is set to raise 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 that will remain the same. There are also certain products or 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 most vat enabled countries.
If you want to register your business for vat then going online may help save time plus allow you to securely complete the necessary process needed for vat registration. You ought to simply log on to the hmrc vat department in case your organization is based in the UK or ask your vat agent to do so for you before using online vat registration to have registered as being a vat dealer without having problem.