If you are planning to sell goods or services in Britain then you might soon need to turn into a VAT registered trader in order to achieve it you will have to complete a vat application for vat registration and vat refunds in the future. It really is however, essential that you get your application right to begin with 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 from those countries. In case your trading business deals in a very modest scale to individual end-users you then may not need to register for vat simply because this will allow you to keep your costs in a lower level. However, once your sales touch the vat threshold limit of 70,000 sterling pounds within the previous Yr or if you feel that this figure might be achieved within the coming 1 month then you will 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. If your sales have reached the vat threshold limit or if you feel that you need to issue vat invoices to any or all your customers then you definitely should make an application for vat certification to the hmrc www.vatcontrol.com. You can easily do so by making an online application, particularly if you are a person running your individual business. You can easily fill a vat form known as VAT 1 online and submit it online to hmrc vat department. Should your business is a partnership, a firm, a trust, a charity, or any other kind of organization you may download the applicable vat application but will have to print it out at your end, fill it up and dispatch it physically to hmrc.
In the event the hmrc vat department doesn't have any additional queries upon receiving the application then you can expect your vat certificate to reach within 30 days. Thus, if you wish to receive your vat registration with no hiccups then you should hire a vat agent that has expertise in uk vat and even eu vat systems so that there is complete adherence to all vat rules. Your vat agent can also direct you during filing of vat returns.
Should you import goods or services from other eu countries that have already charged you vat on the very 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 will help redirect vital funds directly into your business. 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 your clients then you'll need to make an application for vat registration to the hmrc as soon as your business becomes eligible for such a move more. You must enrol the help of a professional vat agent so your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without problems.