If you are a trader located in the UK or any 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 save on effort and time by utilizing all online vat services offered by your vat department.
In the United Kingdom vat rules specify that you could make an application for vat registration in case your taxable sales rise over the vat threshold limit of Â£70,000 in the past 12 months or if you feel they will do so over the following 30 days, even though you can still register even before the 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 https://vatverification.com used by small businesses. If your organization is a partnership firm, a group of companies, or plans to do business internationally then you could download and print all vat registration forms but will probably be needed to fill up the form manually before sending it to the HM Revenue and Customs or hmrc vat department.
If you are planning to go in for online vat registration in another eu country that has adopted vat then you’ll need to first study all applicable vat rules before you decide to register your business 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 the event you plan to conduct your small business on an international level. This will enable you to remain safe while following all vat rules in several countries with falling foul of any department.
When you send your vat online registration form to the hmrc department then you’ll get a vat questionnaire within 15 days that will require 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 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 have to alter 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 also the same must also be shown in your vat returns that will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK there are 3 different types of vat rates applicable to 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% and a zero vat rate on specific goods and services that will stay the same. There are also certain products or services which are vat exempt. However, the vat rates will vary in each eu country although the basic concept of charging vat tax continues to be same in all vat enabled countries.
If you wish to register your organization for vat then going online will help save time plus enable you to securely complete the required process required for vat registration. You should simply log on to the hmrc vat department if your business is located in the UK or ask your vat agent to do this for you before using online vat registration to get registered as a vat dealer without any problem.