If you are planning to market services or goods in Britain then you definitely might soon have to turn into a VAT registered trader in order to achieve it you will have to complete a vat application for vat registration and vat refunds in the foreseeable future. It is however, essential that you get your application right to begin with for seamless integration to the vat tax system.
Great Britain together with most of the eu countries have shifted over to vat or value added tax for taxing goods and services available in their respective countries or even re-exported from those countries. If your trading business deals in a very small scale to individual end-users then you might not need to register for vat simply because this vatvalidation will let you keep the costs at a lower level. However, when your sales touch the vat threshold limit of 70,000 sterling pounds in the previous Yr or if you feel that this figure might be achieved within the coming 30 days then you’ll have to apply for vat registration.
In the UK all vat rules are issued and managed by Her Majesty?s Revenue and Customs department or hmrc. If your sales are near the vat threshold limit or if you feel that you need to issue vat invoices to all your customers then you should make an application for vat certification to the hmrc. You can easily achieve this by making a web-based application, particularly if you are a person running your individual business. You can simply fill a vat form known as VAT 1 online and submit it online to hmrc vat department. Should your organization be a partnership, a firm, a trust, a charity, or any other type of organization you may download the applicable vat application form but will have to print it at your end, fill it up and dispatch it physically to hmrc.
If the hmrc vat department doesn’t have any additional queries upon receiving your application then you can certainly expect your vat certificate to reach within 30 days. Thus, if you want to receive your vat registration with no hiccups then you should hire a vat agent that has expertise in uk vat as well as eu vat systems to ensure that there’s complete adherence to all or any vat rules. Your vat agent can also direct you during filing of vat returns.
Should you import goods or services from other eu countries that have already charged you vat on the very same then you will again need to make a vat refund application to recover that double-taxed amount. Again, your vat agent would be able to make the necessary vat applications for vat refunds within the stipulated time. This will help redirect vital funds directly into your enterprise. Since all applications related to vat usually are of time-bound nature, it is crucial that you file them well within the stipulated time period.
If you would like charge vat to your clients then you’ll need to make an application for vat registration to the hmrc as soon as your business becomes eligible for this kind of move. You must enrol the aid of an expert vat agent so that your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without any problems.