If you are a registered trader in Britain 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 with a sales turnover of ?100,000 or more and all vat registered traders after April 01, 2010, irrespective of sales to pay their vat online.
Most smaller 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 also file vat returns quickly. If you have been using several vat online services offered by the hmrc vat department including filing your vat returns online you must also need to pay your vat online. This technique is quicker and more secure http://vatcontrol.com/vat 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 will certainly need to know about uk vat and eu vat rules, especially if you import goods from member eu states and then sell them in the UK market after charging the applicable vat rates. You can 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, if you have trouble in understanding 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 most relevant taxes and duties.
Once you start paying vat online then you will surely realise that it’s not a difficult task at all and instead saves you a lot of time and energy. You will have to mention your vat registration number as the reference number whilst providing other details such as vat sales and purchases to the particular period, vat amounts paid and collected, and the amount of vat, if any, to be paid. You can also utilize several ways to pay your vat online.
You can opt to pay your vat online by credit card, debit card, direct debit, bank giro, chaps transfer, and several other modes that are explained at length in the hmrc vat website. If you make a web-based vat payment then you’ll usually get 7 calendar days over your standard vat return deadline date for that payment to be transferred into the hmrc vat account. This should permit you enough time to calculate and make your vat payments well in time to avoid any late payment surcharge. If you have not yet computerised your company operations then you should certainly do so as this move will certainly help your business to help keep a record of sales, purchases and taxes at the same time.
If you are a vat registered trader in the United Kingdom or maybe in any other eu country then you’ll surely have the option of making vat payments online. This mode of payment is quick and secure, and you ought to certainly use it while paying vat online if you want to pay your vat taxes in a safe and seamless manner.