If you’re a trader based in the UK or other EU country which has adopted vat as a medium of taxation you then should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations so you too should save on effort and time by using all online vat services offered by your own vat department.
In the United Kingdom vat rules specify that you can make an application for vat registration if your taxable sales rise above the vat threshold limit of Â£70,000 during the past 1 year or if you feel they are going to do this within the next 30 days, although you could register before your sales touch this figure. However, you can at present only complete basic vat online registration by filling and submitting vat form 1 online. This method is normally utilised by small businesses. If your www.vatcontrol.com business 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 up 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 have to first study all applicable vat rules before you decide to register your organization online. In case 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 the event you intend 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 will receive a vat questionnaire within 15 days that will require additional details to be submitted such as your business address, telephone and fax numbers, banking account numbers, and several other details connected to your business including 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 need to display your vat no, vat rate, vat amount and also the same will also need to be shown on your vat returns which will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK you will discover 3 types of vat rates applicable to all goods and services. The standard vat rate is 17.5% that is set to raise to 20% from January 4, 2011 onwards. There is a reduced vat rate of 5% and a zero vat rate on specific goods and services which will stay the same. There’s also certain products or services that are vat exempt. However, the vat rates will vary in each eu country although the basic reasoning behind charging vat tax remains the same in all vat enabled countries.
If you wish to register your organization for vat then going online will help save time and also enable you to securely complete the required process required for vat registration. You ought to simply log on to the hmrc vat department in case your organization is based in the UK or ask your vat agent to do this on your behalf before using online vat registration to get registered as a vat dealer without any problem.