If you are a trader located in the UK or any other EU country that has adopted vat as 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 reduce time and effort by utilizing all online vat services provided by your own vat department.
In the United Kingdom vat rules specify that you could make an application for vat registration if your taxable sales rise over the vat threshold limit of Â£70,000 during the past 12 months or if you feel they are going to do so within the next 1 month, even though you can still register before the sales touch this figure. However, you can 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 vat control business is a partnership firm, a group of companies, or plans to conduct business internationally then you could download and print all vat registration forms but will be needed 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 that has adopted vat then you’ll 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 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 will 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 get 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 eligible then you will receive your vat number and you’ll now have to alter your invoicing method to issue vat invoices for all 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 on your vat returns which will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK there are 3 types of vat rates applicable for all goods and services. The regular vat rates are 17.5% that is set to raise to 20% from January 4, 2011 onwards. There’s a reduced vat rate of 5% and a zero vat rate on specific services and goods that will remain the same. There’s also certain goods and services that are vat exempt. However, the vat rates are different in each eu country although the basic concept of charging vat tax continues to be same in most vat enabled countries.
If you wish to register your business for vat then going on the internet may help save your time plus enable you to securely complete the required process required for vat registration. You should simply log on to the hmrc vat department in case your business is based in the UK or ask your vat agent to do so on your behalf before using online vat registration to get registered as being a vat dealer without any problem.