If you are planning to market services or goods in Britain then you might soon need to turn into a VAT registered trader in order to achieve it you will need to complete a vat application for vat registration and vat refunds in the future. It is however, important that you get the application right to begin with for seamless integration into the vat tax system.
Great Britain along with the majority of the eu countries have shifted over to vat or value added tax for taxing services and goods sold in their respective countries and even re-exported out of those countries. If your trading business deals in a quite modest scale to individual end-users then you might not need to sign up for vat simply because this will let you keep your costs at a lower level. However, once your sales touch the vat threshold limit of 70,000 sterling pounds in the previous 12 months or if you feel that this figure could be achieved in the coming 30 days then you’ll have to apply 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 have reached the vat threshold limit or if you feel that you have 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, particularly if you are a person running your individual business. You can simply fill a vat form known as VAT 1 online and submit it online to hmrc vat department. Should your business is a partnership, a company, a trust, a charity, or other kind of organization you may download the applicable vat application but will need to print it out at your end, fill it up and dispatch it physically to hmrc.
If the hmrc vat department doesn’t 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 without any hiccups you then should hire a vat agent who has expertise in uk vat and even eu vat systems to ensure that there’s complete adherence to all 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 very same then you’ll 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 within the stipulated time. This helps redirect vital funds back into your enterprise. Since all applications associated with vat usually are of time-bound nature, it is important that you file them well within the stipulated time period.
If you would like charge vat to your clients then you will have to apply for vat registration to the hmrc as soon as your business becomes eligible for such a move check my source. You should enrol the aid of a professional vat agent so that your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without any problems.