If you are a trader located in the UK or any other EU country which has adopted vat to be a medium of taxation you then should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations and you too should reduce time and effort by using all online vat services offered by your 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 during the past 12 months or if you feel that they will do so over the following 30 days, even though you can still register before the sales touch this figure. However, you are able to vatnumbersearch at present only complete basic vat online registration by filling up and submitting vat form 1 online. This method is generally utilised by small businesses. In case your organization is a partnership firm, a group of companies, or intends 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 plan to go in for online vat registration in another eu country which has adopted vat then you will have to first study all applicable vat rules before you decide to register your business online. Should you have trouble in deciphering uk vat or eu vat rules then its better if you appoint a vat agent or even a customs and excise customs vat agent in case you intend to conduct your small 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 the hmrc department then you will receive a vat questionnaire within 15 days that will need additional details to be submitted such as your business address, telephone and fax numbers, bank account numbers, and several other details connected to your small business including a few purchase and sales invoices.
As soon as your application is approved then you will receive your vat number and you will now need to alter your invoicing approach to issue vat invoices for all your sales. This vat invoice will have to display your vat no, vat rate, vat amount and also the same will also need to be displayed in your vat returns that will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the United Kingdom you will discover 3 different types of vat rates applicable for all services and goods. The standard vat rates are 17.5% that is 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 services and goods that 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 even though basic concept of charging vat tax continues to be same in most vat enabled countries.
If you wish to register your organization for vat then going online may help save your time and also allow you to securely complete the required process required for vat registration. You should simply log on to the hmrc vat department in case your business is located in the UK or ask your vat agent to do this for you before using online vat registration to have registered as being a vat dealer without having problem.