If you’re a trader located in the UK or any other EU country which 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 effort and time by using all online vat services provided by your vat department vat control.
In the UK vat rules specify that you can make an application for vat registration if your taxable sales rise over the vat threshold limit of Â£70,000 in the past 12 months or if you feel they will do this within the next 1 month, even though you can still register before your 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 generally used by small establishments. In case your organization is a partnership firm, a group of companies, or intends to conduct business internationally then you can 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 that has adopted vat then you’ll need to first study all applicable vat rules before you register your organization 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 the event you plan to conduct your business on an international level. This may enable 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 need additional details to be submitted including your organization address, telephone and fax numbers, bank account numbers, and several other details connected to your business together with a few purchase and sales invoices.
Once your application is approved then you will receive your vat number and you will now have 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 must also be displayed on your vat returns that will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the United Kingdom there are 3 types of vat rates applicable to all goods and services. The standard vat rates are 17.5% that is set to increase to 20% from January 4, 2011 onwards. There’s a reduced vat rate of 5% and a zero vat rate on specific goods and services that will remain the same. There’s also certain goods and services which are vat exempt. However, the vat rates will vary in each eu country even though basic reasoning behind charging vat tax continues to be same in most vat enabled countries vies.
If you want to register your business for vat then going on the internet will help save your time plus enable you to securely complete the required process needed for vat registration. You should simply log on to the hmrc vat department if 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 any problem.