If you are planning to market services or goods 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 foreseeable future. It is however, important that you get the application right to begin with for seamless integration to the vat tax system.
Great Britain together with the majority of the eu countries have shifted over to vat or value added tax for taxing services and goods sold in their respective countries or even re-exported from those countries. If your trading business deals at a quite modest scale to individual end-users you then may not have to sign up for vat simply because this will let you keep the costs at a lower level. However, when your sales touch the vat threshold limit of 70,000 sterling pounds in the previous Yr or if you think that this figure might be achieved in the coming 30 days then you’ll have to make an application for vat registration.
In Britain 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 need to issue vat invoices to all your clients then you definitely should make an application for vat certification to the hmrc www.vatcontrol.com. It is possible to do so by looking into making an online application, particularly if you are an individual 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 organization be a partnership, a company, a trust, a charity, or other type of organization you may download the applicable vat application but will have to print it in your end, fill it up and dispatch it physically to hmrc.
If the hmrc vat department doesn’t have any additional queries upon receiving your application then you can certainly expect your vat certificate to reach within one month. Thus, if you want 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 direct you during filing of vat returns.
If you import services or goods from other eu countries which have already charged you vat on the very same then you’ll again want to make a vat refund application to recoup that double-taxed amount. Again, your vat agent can make the necessary vat applications for vat refunds within the stipulated time. This will help redirect vital funds directly into your business. Since all applications related to vat tend to be of time-bound nature, it is important that you file them well within the stipulated time period.
If you want to charge vat to the clients then you will have to apply for vat registration to the hmrc as soon as your business becomes eligible for such a move read full article. You should enrol the aid of a professional vat agent so your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without problems.