If you are a trader based in the UK or other EU country that has adopted vat as a medium of taxation you then 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 using all online vat services provided 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 £70,000 in the past 12 months or if you feel they will do so over the following 30 days, even though you could register before the sales touch this figure. However, you can at present only complete basic vat online registration by filling up and submitting vat form 1 online. This method is normally used 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 be required to fill up the form manually before sending it back 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 will need 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 its better if you appoint a vat agent or perhaps a customs and excise customs vat agent in the event you intend to conduct your small business on an international level. This will allow you to remain safe while following all vat rules in several countries with falling foul of any department.
Once you send your vat online registration form to the 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, banking account numbers, and several 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 have to change your invoicing method to issue vat invoices for all of your sales. This vat invoice will have 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 there are 3 different types of vat rates applicable to all goods and services. The regular vat rates are 17.5% that’s set to increase to 20% from January 4, 2011 onwards. There is a reduced vat rate of 5% and a zero vat rate on specific services and goods that will remain the same. There’s also certain products or 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.
If you want to register your organization for vat then going on the internet may help save your time plus enable you to securely complete the required process needed for vat registration. You ought to 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.