If you’re a trader based in the UK or any other EU country that has adopted vat to be a medium of taxation then you should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations so you too should reduce time and effort by using all online vat services offered by your own vat department.
In the UK vat rules specify that you can make an application for vat registration if your taxable sales rise over the vat threshold limit of Â£70,000 in the past 1 year or if you feel that they will do this over the following 30 days, although you could register even before the sales touch this figure. However, you can at present only complete basic vat online registration by filling and submitting vat form 1 online. This form is generally www.vatverification.com used by small establishments. If your organization is a partnership firm, a group of companies, or plans to do business internationally then you can download and print all vat registration forms but will probably be needed to fill the form manually before sending it to the HM Revenue and Customs or hmrc vat department.
If you are planning to go in for online vat registration in another eu country that has adopted vat then you’ll have to first study all applicable vat rules before you register your organization online. In case you have trouble in deciphering uk vat or eu vat rules then it is better if you appoint a vat agent or perhaps a customs and excise customs vat agent in case you plan to conduct your business on an international level. This may allow you to remain safe while following all vat rules in different countries with falling foul of any department.
When you send your vat online registration form to your hmrc department then you’ll receive a vat questionnaire within 15 days that will require additional details to be submitted such as your business address, telephone and fax numbers, banking account numbers, and a lot of other details connected to your small business together with a few purchase and sales invoices.
Once your application is eligible then you will receive your vat number and you’ll now need to change your invoicing method to issue vat invoices for all your sales. This vat invoice will have to display your vat no, vat rate, vat amount and the same must also be shown in your vat returns that will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the United Kingdom there are 3 different types of vat rates applicable to all services and goods. The standard vat rates are 17.5% that’s set to raise to 20% from January 4, 2011 onwards. There is a reduced vat rate of 5% and a zero vat rate on specific goods and services which will stay the same. There’s also certain goods and services that are vat exempt. However, the vat rates are different in each eu country although the basic concept of charging vat tax continues to be same in all vat enabled countries.
If you wish to register your organization for vat then going online will help save time and also enable you to securely complete the required process needed for vat registration. You should simply log on to the hmrc vat department in case your business is based in the UK or ask your vat agent to do so for you before using online vat registration to have registered as a vat dealer without any problem.