If you are a registered trader in the UK then by paying vat online you can save effort and time. Anyway, the HM revenue and customs or hmrc vat department has already made it mandatory for all traders having a sales turnover of ?100,000 or even more and vat registered traders after April 01, 2010, regardless of sales to pay their vat online.
Most small businesses are adopting computers and also the internet for running their businesses. This really is indeed a time-saving feature since 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 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 much more secure http://vatcontrol.com/vat since you might otherwise don’t know if your vat payments have reached the concerned vat department, and might be penalized for late payments due to delays in postal services.
You will certainly have to know about uk vat and eu vat rules, especially 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 in 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, if you have trouble to understand different vat rules in various 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 then you will surely realize that it’s not a difficult task at all and instead saves you a lot of time and effort. You will have to mention your vat registration number as your reference number whilst providing other details such as vat sales and purchases for the particular period, vat amounts paid and collected, as well as the amount of vat, if any, to generally be paid. You may also utilize several ways 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 many other modes which are explained in detail at the hmrc vat website. If one makes a web-based vat payment then you will usually get 7 calendar days over your standard vat return deadline date for the payment to get transferred into the hmrc vat account. This should permit you enough time to calculate and work out your vat payments well in time in order to avoid any late payment surcharge. If you have not yet computerised your business operations then you certainly ought to do so since this move will definitely help your organization to help keep a record of sales, purchases and taxes simultaneously.
If you are a vat registered trader in the United Kingdom or in any other eu country then you’ll surely have the option for making vat payments online. This mode of payment is fast 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.