If you’re a trader located in the UK or any other EU country which has adopted vat to be 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 effort and time by utilizing all online vat services provided by your vat department.
In the UK vat rules specify that you could apply for vat registration if your taxable sales rise above the vat threshold limit of £70,000 in the past 12 months or if you feel that they are going to do so within the next 30 days, although you can still register before the sales touch this figure. However, you are able to vatnumbersearch at present only complete basic vat online registration by filling and submitting vat form 1 online. This method is generally used by small businesses. In case your organization is a partnership firm, a group of companies, or plans to do business internationally then you can download and print all vat registration forms but will be needed to fill the form manually before sending it to the HM Revenue and Customs or hmrc vat department.
If you plan to go in for online vat registration in another eu country which has adopted vat then you will have to first study all applicable vat rules before you register your organization 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 the event you intend to conduct your 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.
Once you send your vat online registration form to your hmrc department then you will receive a vat questionnaire within 15 days that will need additional details to be submitted including your organization address, telephone and fax numbers, bank account numbers, and a lot of other details associated with your business together with a few purchase and sales invoices.
Once your application is eligible then you will receive your vat number and you’ll now need to alter your invoicing method to issue vat invoices for all of your sales. This vat invoice will have to display your vat no, vat rate, vat amount and also the same will also need to be shown on your vat returns which will have 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 services and goods. The regular vat rates are 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 that will stay the same. There are also certain goods and services that are vat exempt. However, the vat rates are different in each eu country even though basic concept of charging vat tax remains the same in all vat enabled countries.
If you want to register your organization for vat then going online may help save your time plus enable you to securely complete the required process needed for vat registration. You ought to simply log on to the hmrc vat department in case your business is based in the UK or ask your vat agent to do this on your behalf before using online vat registration to get registered as a vat dealer without any problem.