If you plan to sell goods or services in Britain then you definitely might soon need to turn into a VAT registered trader and to achieve it you will need to make a vat application for vat registration and vat refunds in the foreseeable future. It is however, essential that you get your application right the first time around 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 services and goods sold in their respective countries or even re-exported from those countries. If your trading business deals in a very modest scale to individual end-users then you may not have to sign up for vat simply because this will allow you to keep the costs at a lower level. However, once your sales touch the vat threshold limit of 70,000 sterling pounds within the previous Yr or if you feel that this figure might be achieved in the coming 1 month 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. In case your sales have reached the vat threshold limit or if you feel that you have to issue vat invoices to any or all your customers then you should submit an application for vat certification to the hmrc http://vatcontrol.com. You can easily do so by making an online application, especially if you are a person running your own business. You can simply fill up a vat form known as VAT 1 online and submit it online to hmrc vat department. In case your business is a partnership, a company, a trust, a charity, or other kind of organization then you can download the applicable vat application form but will have to print it at your end, fill it up and dispatch it physically to hmrc.
In the event the hmrc vat department does not have any additional queries upon receiving the application then you can expect your vat certificate to reach within 30 days. Thus, if you want to receive your vat registration without any hiccups you then should hire a vat agent that has expertise in uk vat and even eu vat systems so that there’s complete adherence to all or any vat rules. Your vat agent can also guide you during filing of vat returns.
Should you import goods or services from other eu countries which have already charged you vat on the very same then you will again want to make a vat refund application to recover that double-taxed amount. Again, your vat agent can make the necessary vat applications for vat refunds in the stipulated time. This will help redirect vital funds back into your business. Since all applications related to vat usually are of time-bound nature, it is crucial you file them well within the stipulated time period.
If you want to charge vat to the clients then you’ll have to apply for vat registration to the hmrc as soon as your business becomes eligible for this kind of move bonuses. You should enrol the help of an expert vat agent so that your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without problems.