If you plan to market services or goods in Britain then you might soon need 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.
The UK along with most of the eu countries have shifted to vat or value added tax for taxing services and goods 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 may not have to register for vat since 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 within the previous 12 months or if you think that this figure could be achieved within the coming 1 month then you will have 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. If your sales have reached the vat threshold limit or if you think that you have to issue vat invoices to any or all your clients then you should make an application for vat certification to the hmrc vatcontrol.com. It is possible to do so by looking into making an online application, especially if you are a person running your individual business. You can easily 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 company, a trust, a charity, or any other kind of organization then you can download the applicable vat application but will have to print it out 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 arrive within one month. Thus, if you want to receive your vat registration without any hiccups then you should hire a vat agent that has expertise in uk vat and even eu vat systems so that there’s complete adherence to all vat rules. Your vat agent can also direct you during filing of vat returns.
Should you import goods or services from other eu countries which have already charged you vat on the very same then you will again want to make a vat refund application to recover that double-taxed amount. Again, your vat agent would be able to 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 associated with vat tend to be of time-bound nature, it is crucial that you file them well within the stipulated time period.
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 entitled to such a move clicking here. You should 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.