If you plan to market services or goods in the UK then you might soon need to turn into a VAT registered trader in order to achieve it you will have to make a vat application for vat registration and vat refunds in the foreseeable future. It really is however, important that you get the application right the first time around for seamless integration into the vat tax system.
Great Britain along with the majority of the eu countries have shifted over to vat or value added tax for taxing services and goods available in their respective countries and even re-exported from those countries. If your trading business deals at a quite small scale to individual end-users you then may not have to register for vat since this will let you keep your costs in a lower level. However, when your sales touch the vat threshold limit of 70,000 sterling pounds in the previous 12 months or if you feel that this figure could be achieved in the coming 1 month then you’ll need 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 have reached the vat threshold limit or if you feel that you have to issue vat invoices to all your clients then you should submit an application for vat certification to the hmrc www.vatcontrol.com. It is possible to achieve this by looking into making a web-based application, especially if you are a person running your individual business. You can simply fill a vat form referred to 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 any other kind of organization then you can download the applicable vat application form but will need to print it out 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 arrive within one month. Thus, if you want to receive your vat registration without any hiccups then you should hire a vat agent who has knowledge of uk vat and even eu vat systems to ensure that there is complete adherence to all vat rules. Your vat agent may also direct you during filing of vat returns.
If you import services or goods from other eu countries which have already charged you vat on the same then you will again want to make a vat refund application to recoup that double-taxed amount. Again, your vat agent would be able to make the necessary vat applications for vat refunds in the stipulated time. This will help redirect vital funds back into your enterprise. Since all applications associated with vat usually are of time-bound nature, it is crucial that you file them well within the stipulated time frame.
If you would like charge vat to your clients then you will need to make an application for vat registration to the hmrc as soon as your business becomes eligible for such a move get more info. You should enrol the help of an expert vat agent so that your vat application is approved instantly plus your vat registration and future vat refunds are awarded without problems.