If you are a trader located in the UK or other EU country which has adopted vat as a medium of taxation you then should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations and you too should save on time and effort by using all online vat services offered by your own vat department.
In the UK vat rules specify that you could make an application for vat registration in case your taxable sales rise over the vat threshold limit of Â£70,000 during the past 12 months or if you feel they will do this over the following 1 month, even though you can still register even before your sales touch this figure. However, you can at the moment only complete basic vat online registration by filling and submitting vat form 1 online. This method is generally vatverification.com utilised by small establishments. If your business is a partnership firm, a group of companies, or intends to do business internationally then you could download and print all vat registration forms but will be needed to fill the form manually before sending it back 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’ll have 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 plan to conduct your small business on an international level. This will enable 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 the hmrc department then you’ll receive a vat questionnaire within 15 days that will require additional details to be submitted such as your business address, telephone and fax numbers, bank 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 eligible then you will receive your vat number and you’ll now have to change your invoicing method to issue vat invoices for all your sales. This vat invoice will need to display your vat no, vat rate, vat amount and also the same must also 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 goods and services. The standard vat rates are 17.5% that’s 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 services and goods which will stay the same. There’s also certain goods and services that are vat exempt. However, the vat rates are different in each eu country although the basic concept of charging vat tax continues to be same in all vat enabled countries.
If you want to register your business for vat then going on the internet may help save your time and also allow you to securely complete the required process required for vat registration. You should simply log on to the hmrc vat department in case your organization is located in the UK or ask your vat agent to do so for you before using online vat registration to have registered as being a vat dealer without having problem.