If you are planning to sell services or goods in the UK then you might soon have to turn into a VAT registered trader in order to achieve it you will need to complete a vat application for vat registration and vat refunds in the foreseeable future. It really is however, essential that you get your application right the first time around for seamless integration to the vat tax system.
Great Britain along with most of the eu countries have shifted over to vat or value added tax for taxing goods and services available in their respective countries or even re-exported from those countries. In case your trading business deals in a very modest scale to individual end-users you then might not need to sign up for vat simply because this will allow you to keep the costs in a lower level. However, when your sales touch the vat threshold limit of 70,000 sterling pounds in the previous 12 months or if you feel that this figure could be achieved within the coming 30 days then you’ll have to apply 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 have reached the vat threshold limit or if you feel that you have to issue vat invoices to all your clients then you should submit an application for vat certification to the hmrc. It is possible to achieve this by making a web-based application, particularly if you are a person running your own business. You can simply fill up a vat form known as VAT 1 online and submit it online to hmrc vat department. Should your business is a partnership, a firm, a trust, a charity, or any other type of organization you may download the applicable vat application form but will need to print it at your end, fill it up and dispatch it physically to hmrc.
If the hmrc vat department does not 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 who has knowledge of uk vat and even eu vat systems so that there is complete adherence to all or any vat rules. Your vat agent may also guide you during filing of vat returns.
If you import services or goods from other eu countries that have already charged you vat on the very same then you’ll again need 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 back into your enterprise. Since all applications associated with vat usually are of time-bound nature, it is important that you file them well within the stipulated time frame.
If you want to charge vat to your clients then you will need to make an application for vat registration to the hmrc as soon as your business becomes eligible for this kind of move. You should enrol the help of an expert vat agent so that your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without any problems.