If you are planning to sell goods or services in the UK then you might soon need to turn into a VAT registered trader in order to achieve it you will need to make 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 into the vat tax system.
Great Britain along with most of the eu countries have shifted to vat or value added tax for taxing goods and services sold in their respective countries and even re-exported from those countries. If your trading business deals in a quite modest scale to individual end-users you then may not have to register for vat simply because this will allow you to keep your costs in a lower level. However, once your sales touch the vat threshold limit of 70,000 sterling pounds within the previous Yr or if you think that this figure could be achieved within the coming 1 month then you will need to apply for vat registration.
In Britain 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 all your customers then you definitely should submit 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 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. In case your organization be a partnership, a company, a trust, a charity, or any other kind of organization you may download the applicable vat application but will need to print it in your end, fill it up and dispatch it physically to hmrc.
If the hmrc vat department does not have any additional queries upon receiving the application then you can expect your vat certificate to arrive within one month. Thus, if you wish to receive your vat registration with no hiccups then you should hire a vat agent who has knowledge of uk vat as well as 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 very same then you’ll again need to make a vat refund application to recoup that double-taxed amount. Again, your vat agent would be able to make necessary vat applications for vat refunds within the stipulated time. This will help redirect vital funds directly into your enterprise. Since all applications related to vat tend to be of time-bound nature, it is crucial you file them well within the stipulated time frame.
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 eligible for such a move. You should enrol the help of an expert vat agent so that your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without any problems.