If you are a registered trader in the UK then by paying vat online you can save effort and time. Anyway, the HM revenue and customs or hmrc vat department has made it mandatory for all traders having a sales turnover of ?100,000 or more and all vat registered traders after April 01, 2010, regardless of sales to cover their vat online.
Most small businesses are now adopting computers and the internet for running their businesses. This is indeed a time-saving feature as it becomes rather easy to issue vat invoices, calculate vat rates, and even file vat returns quickly. If you have been using several vat online services provided by the hmrc vat department http://checkvatnumber.com including filing your vat returns online you must also need to pay your vat online. This method is quicker and more secure as you might otherwise don’t know when your vat payments have reached the concerned vat department, and might be penalized for late payments due to delays in postal services.
You’ll certainly need to know all about uk vat and eu vat rules, particularly if you import goods from member eu states and sell them in the UK market after charging the applicable vat rates. You may also go in for a vat refund in the event vat was already paid in the nation of origin on any services or goods imported by you to the UK. However, if you have trouble in understanding different vat rules in a number of countries then appointing a competent vat agent with sufficient knowledge on customs and excise rules would ensure smooth payment of all relevant taxes and duties.
Once you start paying vat online you will surely realise that it is not a difficult task in any way and instead saves you considerable time and energy. You will have to mention your vat registration number as your reference number whilst providing other details such as vat sales and purchases for the particular period, vat amounts paid and collected, and the level of vat, if any, to generally be paid. You can also utilize several ways to pay your vat online.
You can opt to pay your vat online by charge card, debit card, direct debit, bank giro, chaps transfer, and several other modes that are explained in detail at the hmrc vat website. If one makes an online vat payment then you’ll usually get 7 calendar days over your standard vat return deadline date for the payment to get transferred into the hmrc vat account. This should allow you enough time to calculate and make your vat payments well in time to avoid any late payment surcharge. If you haven’t yet computerised your company operations then you ought to do so since this move will definitely help your business to keep track of sales, purchases and taxes at the same time.
If you are a vat registered trader in the United Kingdom or in some other eu country then you’ll surely have the option of making vat payments online. This mode of payment is fast and secure, and you should certainly use it while paying vat online if you wish to pay your vat taxes in a safe and seamless manner.