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Pay uk vat to enjoy all benefits offered by this taxation system

2016/03/29 by admin

If you’re a trader in the United Kingdom with rising taxable sales you will need to pay uk vat to relish all benefits provided by this taxation system https://vatcheck.com. As soon as your taxable sales touch the vat threshold limit of ?70,000 in the past 12 months then you need to get vat registration in order that you can also become part of this tax system that’s in effect in the majority of European countries.

If you are a really small trader that mostly sells retail goods then you can remain from the purview of vat or value added tax as long as your taxable sales do not touch ?70,000 in 12 months. However, if your sales touch that figure or if you sell goods to vat registered traders then you would be better off as a vat registered trader in the United Kingdom. Vat continues to be employed as a way of collecting taxes on products or services in most of Europe as well as the UK too follows this method. The vat department in the United Kingdom is headed by HM Revenue and Customs or hmrc department.

Once you have crossed over the vat threshold limit for uk VAT then you will have to make an application for vat registration. That can be done before you reach this limit if you feel that you have to reclaim vat which has already been paid on goods and services, especially in a foreign eu country where this system is followed. You should hire the services of an experienced vat agent well conversed in uk and eu vat rules for vat registration purposes as well as for filing of vat refunds so that there are no problems in claiming back vat.

Once you do turn into a vat registered trader in the United Kingdom, which could take up to 30 days once you file an online vat application then you will have to charge vat as per the 14,000 goods and services classifications provided by the hmrc vat department. This will likely have to be done through each vat invoice that you will be required to issue during each taxable sale. UK has 3 vat rates beginning with the standard rate of 17.5%, reduced vat rate of 5%, and the zero vat rate. Certain services and goods are totally vat exempt too.

Once you are a vat registered trader in order to pay and collect uk vat based on vat invoices then you’ll also need to file your vat returns regularly. Again, your vat agent will be necessary to calculate vat to be paid or refunded depending on your vat purchases and sales. In case you have imported goods or services in the United Kingdom after paying vat in a eu country then you can avoid double taxation by filing a vat reclaim form. You’ll be awarded vat refund between four to 8 months after your claim is successfully processed by hmrc as well as the member country. Overall, vat is a good tax system to avoid double taxation as well as plug many loopholes that were found in the traditional sales tax system.

If you’re a growing trader in the United Kingdom that sells taxable goods to vat registered traders then you will want to keep the cycle of vat alive by turning into a vat registered trader. You can now collect and pay uk vat while also claiming any vat previously paid on imported goods and services, which will will reduce your tax overheads to some large extent.

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