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

2016/04/12 by admin

If you’re a trader in the UK with rising taxable sales then you need to pay uk vat to relish all benefits offered by this taxation system Www.vatcheck.com. As soon as your taxable sales touch the vat threshold limit of ?70,000 in the past Twelve months then you’ll need to apply for vat registration so that you can also end up part of this tax system that is in effect in most Europe.

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

After you have crossed over the vat threshold limit for uk VAT then you will need to apply for vat registration. That can be done even before you reach this limit if you think that you need to reclaim vat that has already been paid on goods and services, especially in a foreign eu country where this system is followed. You ought to do the hiring of an experienced vat agent well conversed in uk and eu vat rules for vat registration purposes and for filing of vat refunds to ensure that there aren’t any problems in claiming back vat.

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

As soon as you are a vat registered trader in order to pay and collect uk vat determined by vat invoices then you will also need to file your vat returns on a regular basis. Again, your vat agent will be required to calculate vat to get paid or refunded based on your vat purchases and sales. If you have imported goods or services in the UK after paying vat within a eu country then you can definitely avoid double taxation by filing a vat reclaim form. You will be awarded vat refund between four to 8 months after your claim is successfully processed by hmrc and the member country. Overall, vat is an excellent tax system to avoid double taxation and also plug many loopholes that were present 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 need to keep the cycle of vat alive by turning into a vat registered trader. Now you can collect and pay uk vat whilst claiming any vat previously paid on imported goods and services, which in turn will reduce your tax overheads to a large extent.

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