If you're a registered trader in Britain then by paying vat online you save effort and time. Anyway, the HM revenue and customs or hmrc vat department has already made it mandatory for all those traders with a sales turnover of ?100,000 or even more and vat registered traders after April 01, 2010, regardless of sales to cover their vat online.
Most smaller businesses are now adopting computers and the internet for running their businesses. This really is indeed a time-saving feature as it becomes rather easy to issue vat invoices, calculate vat rates, and even file vat returns quickly. If you have been using several vat online services offered by the hmrc vat department including filing your vat returns online then you will need to pay your vat online. This method is quicker and more secure vatcontrol.com/vat since you might otherwise never know if your vat payments have reached the concerned vat department, and may be penalized for late payments due to delays in postal services.
You'll certainly need to know about uk vat and eu vat rules, especially if you import goods from member eu states and sell them in the UK market after charging the applicable vat rates. You may also go for a vat refund in case vat was already paid in the country of origin on any services or goods imported by you into the UK. However, in case you have trouble to understand 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 all relevant taxes and duties.
Once you start paying vat online you will surely realize that it is not a challenging task at all and instead saves you a lot of time and energy. You will need to mention your vat registration number as the reference number whilst providing other details such as vat sales and purchases to 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 elect to pay your vat online by charge card, debit card, direct debit, bank giro, chaps transfer, and several other modes that are explained at length at the hmrc vat website. If you make an online vat payment then you'll usually get 7 calendar days over your standard vat return deadline date for that payment to get transferred into the hmrc vat account. This would permit you plenty of time to calculate and work out your vat payments well in time to avoid any late payment surcharge. If you haven't yet computerised your business operations then you certainly ought to do so since this move will definitely help your organization to keep track of sales, purchases and taxes simultaneously.
If you're a vat registered trader in the UK or in some other eu country then you'll surely have the option for making vat payments online. This mode of payment is quick and secure, and you should certainly use it while paying vat online if you wish to pay your vat taxes in a safe and seamless manner.