If you plan to sell services or goods in the UK then you might soon need 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 is however, essential that you get the application right to begin with for seamless integration into the vat tax system.
The UK along with the majority of the eu countries have shifted over to vat or value added tax for taxing goods and services available in their respective countries and even re-exported out of those countries. In case your trading business deals in a very modest scale to individual end-users then you may not have to sign up for vat since this www.vatvalidation.com will let you keep the costs at a lower level. However, once your sales touch the vat threshold limit of 70,000 sterling pounds within the previous Yr or if you feel that this figure could be achieved within the coming 1 month then you will need 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 feel that you need to issue vat invoices to any or all your customers then you should make an application for vat certification to the hmrc. It is possible to achieve this by looking into making a web-based application, especially if you are an individual running your individual business. You can simply fill up a vat form known as VAT 1 online and submit it online to hmrc vat department. Should your organization be a partnership, a firm, a trust, a charity, or any other kind of organization you may download the applicable vat application form but will need 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 wish to receive your vat registration without any hiccups you then should hire a vat agent who has knowledge of uk vat and even eu vat systems so that there’s complete adherence to all vat rules. Your vat agent may also guide you during filing of vat returns.
If you import services or goods from other eu countries which have already charged you vat on the same then you’ll again want to make a vat refund application to recover that double-taxed amount. Again, your vat agent can make the necessary vat applications for vat refunds in the stipulated time. This helps redirect vital funds directly into your business. Since all applications related to vat usually are of time-bound nature, it is crucial that you file them within the stipulated time period.
If you would like charge vat to your clients then you will need to apply for vat registration to the hmrc once your business becomes entitled to such a move. You should enrol the help of an expert vat agent so that your vat application is approved instantly and your vat registration and future vat refunds are awarded without problems.