If you’re a trader located in the UK or other EU country that 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 and you too should save on time and effort by using all online vat services provided by your vat department vat validation.
In the United Kingdom vat rules specify that you could apply for vat registration if your taxable sales rise over the vat threshold limit of Â£70,000 in the past 1 year or if you feel that they are going to do so within the next 1 month, even though you could register even before the sales touch this figure. However, you are able to at present only complete basic vat online registration by filling up and submitting vat form 1 online. This form is normally used by small businesses. If your business is a partnership firm, a group of companies, or intends to do business internationally then you can download and print all vat registration forms but will probably be required 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 decide to register your business online. Should you have trouble in deciphering uk vat or eu vat rules then it is better if you appoint a vat agent or even a customs and excise customs vat agent in case 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.
When 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 associated with your small business including a few purchase and sales invoices.
Once your application is approved then you will receive your vat number and you will 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 displayed in your vat returns that will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK you will discover 3 different types of vat rates applicable for all goods and services. The standard vat rate is 17.5% that’s set to increase 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’s also certain products or services that are vat exempt. However, the vat rates are different in each eu country although the basic reasoning behind charging vat tax continues to be same in all vat enabled countries check vat number.
If you wish to register your organization for vat then going online may help save time plus allow you to securely complete the necessary process needed 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 on your behalf before using online vat registration to have registered as a vat dealer without having problem.