If you are planning to sell goods or services in the UK then you might soon have to turn into a VAT registered trader and to achieve it you will need to complete 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 to the vat tax system.
The UK together with most of the eu countries have shifted over to vat or value added tax for taxing goods and services available in their respective countries and even re-exported out of those countries. If your trading business deals in a quite modest scale to individual end-users you then may not have to register for vat since this www.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 within the previous 12 months or if you think that this figure could be achieved within 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. In case your sales have reached the vat threshold limit or if you think that you need to issue vat invoices to any or all your customers then you should submit an application for vat certification to the hmrc. You can easily do so by making a web-based application, particularly if you are an individual running your own business. You can simply fill up a vat form referred to as VAT 1 online and submit it online to hmrc vat department. Should your organization be a partnership, a company, a trust, a charity, or any other type of organization you may download the applicable vat application but will need to print it at 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 arrive within one month. Thus, if you want to receive your vat registration without any hiccups you then should hire a vat agent that has knowledge of uk vat and even eu vat systems to ensure that there’s complete adherence to all or any vat rules. Your vat agent can also guide you during filing of vat returns.
Should you import services or goods from other eu countries which have already charged you vat on the same then you’ll again need to make a vat refund application to recover that double-taxed amount. Again, your vat agent can make 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 frame.
If you would like charge vat to the clients then you will need to make an application for vat registration to the hmrc once your business becomes entitled to this kind of move. You should enrol the aid of a professional vat agent so your vat application is approved instantly and your vat registration and future vat refunds are awarded without any problems.