If you plan to market goods or services in the UK then you might soon have to turn into a VAT registered trader in order to achieve it you will need to complete a vat application for vat registration and vat refunds in the foreseeable future. It is however, important that you get the application right the first time around for seamless integration to the vat tax system.
The UK along with most 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 modest scale to individual end-users you then might not need to sign up for vat since this http://vatvalidation.com will let you keep the costs at a lower level. However, once 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 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. In case 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. It is possible to do so by looking into making a web-based application, especially if you are an individual running your own business. You can simply fill 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 any other type of organization then you can download the applicable vat application but will have to print it in your end, fill it up and dispatch it physically to hmrc.
If the hmrc vat department doesn’t have any additional queries upon receiving the application then you can certainly expect your vat certificate to reach within one month. Thus, if you want to receive your vat registration without any hiccups you then should hire a vat agent who has expertise in uk vat as well as eu vat systems to ensure that there is complete adherence to all vat rules. Your vat agent can also guide you during filing of vat returns.
If you import goods or services from other eu countries that have already charged you vat on the very same then you’ll again want to make a vat refund application to recoup that double-taxed amount. Again, your vat agent can make the necessary vat applications for vat refunds in the stipulated time. This helps redirect vital funds back into your enterprise. 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 would like charge vat to the clients then you’ll need to make an application for vat registration to the hmrc as soon as your business becomes entitled to this kind of move. You should enrol the help of a professional vat agent so that your vat application qualifies instantly and your vat registration and future vat refunds are awarded without any problems.