If you are a registered trader in the UK then by paying vat online you save effort and time. Anyway, the HM revenue and customs or hmrc vat department has made it mandatory for all those traders with a sales turnover of ?100,000 or even more and all vat registered traders after April 01, 2010, regardless of sales to pay their vat online.
Most smaller businesses are adopting computers and also the internet for running their businesses. This really is indeed a time-saving feature since it becomes quite easy to issue vat invoices, calculate vat rates, and even file vat returns vatcontrol.com quickly. If you’ve been using several vat online services provided by the hmrc vat department including filing your vat returns online you must need to pay your vat online. This method is quicker and more secure as you might otherwise don’t know when your vat payments have reached the concerned vat department, and might be penalized for late payments due to delays in postal services.
You’ll certainly have to know about uk vat and eu vat rules, particularly if you import goods from member eu states and sell them in the United Kingdom market after charging the applicable vat rates. You can also go for a vat refund in the event vat was already paid in the nation of origin on any services or goods imported by you into the UK. However, in case you have trouble in understanding different vat rules in a number of countries then appointing a competent vat agent with sufficient knowledge on customs and excise rules would ensure smooth payment of most relevant taxes and duties.
Once you start paying vat online then you will surely realise that it’s not a challenging task in any way and instead helps you save a lot of time and effort. You will have to mention your vat registration number as the reference number whilst providing other details like vat sales and purchases for the particular period, vat amounts paid and collected, and the level of vat, if any, to be paid. You can also utilize several methods to pay your vat online.
You can opt to pay your vat online by credit card, debit card, direct debit, bank giro, chaps transfer, and several other modes which are explained in detail at the hmrc vat website. If you make an online vat payment then you will usually get 7 calendar days over your standard vat return deadline date for that payment to get transferred into the hmrc vat account. This should allow you enough time to calculate and work out your vat payments well on time to avoid any late payment surcharge. If you haven’t yet computerised your business operations then you certainly should certainly do this since this move will definitely help your business to keep track of sales, purchases and taxes simultaneously.
If you’re a vat registered trader in the United Kingdom or in any other eu country then you’ll surely have the option of making vat payments online. This mode of payment is quick and secure, and you ought to certainly use it while paying vat online if you wish to pay your vat taxes in a safe and seamless manner.