If you are a registered trader in the UK then by paying vat online you can save time and effort. Anyway, the HM revenue and customs or hmrc vat department has made it mandatory for all traders with a sales turnover of ?100,000 or even more and all vat registered traders after April 01, 2010, regardless of sales to pay their vat online.
Most smaller businesses are now adopting computers and also the internet for running their businesses. This really is indeed a time-saving feature as it becomes quite easy to issue vat invoices, calculate vat rates, and also file vat returns quickly. If you’ve been using several vat online services offered by the hmrc vat department http://checkvatnumber.com including filing your vat returns online then you will also need to pay your vat online. This technique is quicker and more secure as you might otherwise never know if your vat payments have reached the concerned vat department, and might be penalized for late payments on account of delays in postal services.
You’ll certainly need to know all about uk vat and eu vat rules, particularly if you import goods from member eu states and sell them in the United Kingdom market after charging the applicable vat rates. You may also go for a vat refund in case vat has already been paid in the country of origin on any services or goods imported by you to 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.
When you start paying vat online then you will surely realise that it’s not a difficult task at all and instead helps you save a lot of time and energy. You will have to mention your vat registration number as the reference number while also 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 may also utilize several ways to pay your vat online.
It is possible to elect to pay your vat online by credit card, debit card, direct debit, bank giro, chaps transfer, and several other modes which are explained at length at the hmrc vat website. If you make a web-based vat payment then you will usually get 7 calendar days over your standard vat return deadline date for that payment to get transferred to the hmrc vat account. This should permit you plenty of time to calculate and make your vat payments well on time to avoid any late payment surcharge. If you haven’t yet computerised your business operations then you ought to do this as this move will certainly help your business to help keep a record of sales, purchases and taxes simultaneously.
If you’re a vat registered trader in the United Kingdom or maybe 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 make use of it while paying vat online if you want to pay your vat taxes in a safe and seamless manner.