If you are planning to sell goods or services in the UK then you might soon have 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 really is however, important that you get your application right to begin with for seamless integration into the vat tax system.
The UK along with the majority of the eu countries have shifted over to vat or value added tax for taxing services and goods available in their respective countries or even re-exported from those countries. If your trading business deals in a very modest scale to individual end-users then you might not have to register for vat since this will let you keep the costs in a lower level. However, when your sales touch the vat threshold limit of 70,000 sterling pounds within the previous Yr or if you feel that this figure might be achieved in the coming 30 days then you will need 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. If your sales are near the vat threshold limit or if you think that you have to issue vat invoices to all your customers then you definitely should submit an application for vat certification to the hmrc vat control. You can easily achieve this by looking into making an online application, particularly if you are an individual running your own business. You can simply fill up a vat form known as VAT 1 online and submit it online to hmrc vat department. Should your business is a partnership, a firm, a trust, a charity, or any other type of organization you may download the applicable vat application but will have to print it in 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 certainly expect your vat certificate to reach within one month. Thus, if you wish to receive your vat registration with no hiccups you then should hire a vat agent that has knowledge of uk vat and even eu vat systems so that there is complete adherence to all vat rules. Your vat agent may also direct you during filing of vat returns.
If you import services or goods from other eu countries which have already charged you vat on the 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 in the stipulated time. This will help redirect vital funds back into your business. Since all applications related to vat tend to be of time-bound nature, it is crucial that you file them within the stipulated time frame.
If you want to charge vat to the clients then you will have to apply for vat registration to the hmrc as soon as your business becomes eligible for such a move going here. You must enrol the aid of an expert vat agent so that your vat application is approved instantly plus your vat registration and future vat refunds are awarded without problems.