If you’re a trader located in the UK or any other EU country which 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 reduce effort and time by utilizing all online vat services offered by your vat department.
In the UK vat rules specify that you could make an application for vat registration if your taxable sales rise over the vat threshold limit of Â£70,000 during the past 1 year or if you feel that they will do so over the following 1 month, even though you can still register before the sales touch this figure. However, you are able to vatnumbersearch.com at the moment only complete basic vat online registration by filling and submitting vat form 1 online. This method is normally used by small establishments. In case your business is a partnership firm, a group of companies, or intends to conduct 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 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 even a customs and excise customs vat agent in case you plan to conduct your business on an international level. This may allow 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 the hmrc department then you will get a vat questionnaire within 15 days that will require 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 including a few purchase and sales invoices.
As soon as your application is eligible then you will receive your vat number and you will now have 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 also the same must also 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 you will discover 3 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% plus 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 although the 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 on the internet will 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 in case your organization is based in the UK or ask your vat agent to do so on your behalf before using online vat registration to get registered as a vat dealer without having problem.