If you are planning to sell services or goods in Britain then you might soon have to turn into a VAT registered trader and to achieve it you will need to complete a vat application for vat registration and vat refunds in the future. It is however, important that you get your application right to begin with for seamless integration into the vat tax system.
Great Britain along with most of the eu countries have shifted to vat or value added tax for taxing goods and services available in their respective countries or even re-exported out of those countries. If your trading business deals at a very small scale to individual end-users you then may not have to sign up for vat simply because this will let you keep the costs at a lower level. However, once your sales touch the vat threshold limit of 70,000 sterling pounds within the previous 12 months or if you feel that this figure could be achieved in the coming 30 days then you’ll need to make an application for vat registration.
In Britain all vat rules are issued and managed by Her Majesty?s Revenue and Customs department or hmrc. If your sales have reached the vat threshold limit or if you feel that you need to issue vat invoices to any or all your customers then you should submit an application for vat certification to the hmrc www.vatcontrol.com. It is possible to achieve this by making an online application, especially if you are an individual running your own 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 you may download the applicable vat application but will need to print it out at your end, fill it up and dispatch it physically to hmrc.
If the hmrc vat department does not have any additional queries upon receiving the application then you can expect your vat certificate to arrive within 30 days. Thus, if you wish to receive your vat registration without any hiccups then you should hire a vat agent who has knowledge of uk vat as well as eu vat systems so that there is complete adherence to all or any vat rules. Your vat agent can also guide you during filing of vat returns.
Should you import services or goods from other eu countries which have already charged you vat on the same then you will again want to make a vat refund application to recoup that double-taxed amount. Again, your vat agent can make necessary vat applications for vat refunds within the stipulated time. This will help redirect vital funds directly into your business. Since all applications related to vat usually are of time-bound nature, it is crucial you file them well within the stipulated time period.
If you would like charge vat to your clients then you will have to apply for vat registration to the hmrc once your business becomes eligible for such a move this site. You should enrol the aid of a professional vat agent so that your vat application is approved instantly and your vat registration and future vat refunds are awarded without any problems.