If you plan to market goods or services in Britain 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 future. It really is however, essential 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 to vat or value added tax for taxing services and goods sold in their respective countries and even re-exported from those countries. If your trading business deals in a quite modest scale to individual end-users then you might not have to sign up for vat since this http://vatvalidation.com will let you keep the costs in a lower level. However, when your sales touch the vat threshold limit of 70,000 sterling pounds within the previous 12 months 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. In case your sales are near the vat threshold limit or if you think that you have to issue vat invoices to any or all your customers then you definitely should make an application for vat certification to the hmrc. You can easily do so by looking into making a web-based application, particularly if you are an individual running your own business. You can easily 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 other type of organization then you can download the applicable vat application but will need to print it at your end, fill it up and dispatch it physically to hmrc.
In the event the hmrc vat department does not have any additional queries upon receiving the application then you can certainly expect your vat certificate to reach within one month. 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 as well as eu vat systems so 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 that have already charged you vat on the same then you’ll again need to make a vat refund application to recoup that double-taxed amount. Again, your vat agent would be able to make the necessary vat applications for vat refunds in the stipulated time. This helps redirect vital funds directly into your business. Since all applications related to vat usually are of time-bound nature, it is crucial that you file them well within the stipulated time period.
If you want to charge vat to the clients then you will have to make an application for vat registration to the hmrc once your business becomes entitled to such a move. You must enrol the aid of an expert vat agent so your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without any problems.