If you’re a trader based in the UK or any other EU country which 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 and you too should save on time and effort by using all online vat services offered by your vat department.
In the UK vat rules specify that you can apply for vat registration if your taxable sales rise above the vat threshold limit of Â£70,000 in the past 1 year or if you feel they will do this within the next 30 days, even though you can still register even before the sales touch this figure. However, you are able to at the moment only complete basic vat online registration by filling and submitting vat form 1 online. This method is generally www.vatverification.com used by small businesses. If your business is a partnership firm, a group of companies, or intends to conduct business internationally then you could download and print all vat registration forms but will be needed 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 that has adopted vat then you will have to first study all applicable vat rules before you decide to register your organization online. In case 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 business on an international level. This will 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 including your business address, telephone and fax numbers, bank account numbers, and a lot of other details connected to your small business together with a few purchase and sales invoices.
As soon as your application is eligible you will receive your vat number and you will now need 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 will also need to be displayed on your vat returns which will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK you will discover 3 different 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 which will stay the same. There are also certain products or services that are vat exempt. However, the vat rates are different in each eu country even though basic reasoning behind charging vat tax continues to be same in most vat enabled countries.
If you want to register your business for vat then going online may help save time plus 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 business is based in the UK or ask your vat agent to do this for you before using online vat registration to get registered as being a vat dealer without having problem.