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 have 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 the first time around for seamless integration to the vat tax system.
The UK along with most of the eu countries have shifted to vat or value added tax for taxing services and goods sold in their respective countries and even re-exported out of those countries. If your trading business deals at a very modest scale to individual end-users you then may not need to sign up for vat simply because this will let you keep the costs in a lower level. However, once your sales touch the vat threshold limit of 70,000 sterling pounds in the previous Yr or if you feel that this figure could be achieved in the coming 30 days then you’ll have to make an application for vat registration.
In the UK all vat rules are issued and managed by Her Majesty?s Revenue and Customs department or hmrc. In case your sales have reached the vat threshold limit or if you think that you have to issue vat invoices to any or all your clients then you should submit an application for vat certification to the hmrc. You can easily do so by making a web-based application, especially if you are a person running your individual business. You can easily fill up a vat form known as VAT 1 online and submit it online to hmrc vat department. In case your business is a partnership, a company, a trust, a charity, or any other type of organization then you can download the applicable vat application but will have to print it at your end, fill it up and dispatch it physically to hmrc.
In the event the hmrc vat department does not have any additional queries upon receiving your application then you can 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 expertise in uk vat and even eu vat systems so that there is complete adherence to all vat rules. Your vat agent may also guide you during filing of vat returns.
If you import goods or services from other eu countries that have already charged you vat on the very same then you will again need to make a vat refund application to recover that double-taxed amount. Again, your vat agent can make the necessary vat applications for vat refunds within the stipulated time. This helps redirect vital funds directly into your enterprise. Since all applications related to vat tend to be of time-bound nature, it is crucial you file them well within the stipulated time frame.
If you want to charge vat to your clients then you’ll need to make an application for vat registration to the hmrc as soon as your business becomes entitled to such a move. You must enrol the help of an expert vat agent so your vat application is approved instantly plus your vat registration and future vat refunds are awarded without any problems.