If you are a trader based in the UK or any other EU country which has adopted vat as 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 time and effort by utilizing all online vat services offered by your own vat department vat control.
In the United Kingdom vat rules specify that you can make an application for vat registration in case your taxable sales rise above the vat threshold limit of £70,000 during the past 1 year or if you feel that they are going to do so within the next 1 month, although you could register even before your 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 utilised by small businesses. If your business is a partnership firm, a group of companies, or intends to conduct business internationally then you can download and print all vat registration forms but will probably be needed to fill 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 business online. In case you have trouble in deciphering uk vat or eu vat rules then its better if you appoint a vat agent or even a customs and excise customs vat agent in case you intend to conduct your small 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’ll receive a vat questionnaire within 15 days that will require additional details to be submitted including your organization address, telephone and fax numbers, banking account numbers, and a lot of other details connected to your small business including a few purchase and sales invoices.
As soon as your application is approved then you will receive your vat number and you will now have to alter your invoicing approach to issue vat invoices for all your sales. This vat invoice will have to display your vat no, vat rate, vat amount and also the same must also be displayed on your vat returns that will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK you will discover 3 types of vat rates applicable for all goods and services. The regular vat rate is 17.5% that is set to raise 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 remain the same. There’s also certain products or services which are vat exempt. However, the vat rates are different in each eu country even though basic reasoning behind charging vat tax remains the same in most vat enabled countries vat control.
If you want to register your business for vat then going online will help save your time plus allow 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 based 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.