If you plan to market 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 future. It is however, important that you get your application right the first time around for seamless integration to the vat tax system.
Great Britain together with most of the eu countries have shifted to vat or value added tax for taxing services and goods sold in their respective countries and even re-exported out of those countries. If your trading business deals at a quite modest scale to individual end-users you then might not need to register for vat simply because this will let you keep your costs in a lower level. However, when your sales touch the vat threshold limit of 70,000 sterling pounds in the previous 12 months or if you feel that this figure might be achieved within the coming 1 month then you’ll have to make an application 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 all your customers then you should submit an application for vat certification to the hmrc https://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 simply fill up a vat form referred to 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 other kind of organization then you can download the applicable vat application form but will need to print it at 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 want to receive your vat registration with no hiccups you then should hire a vat agent that has knowledge of uk vat as well as eu vat systems to ensure that there’s complete adherence to all vat rules. Your vat agent can also guide 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’ll again need to make a vat refund application to recover that double-taxed amount. Again, your vat agent would be able to make necessary vat applications for vat refunds in the stipulated time. This helps redirect vital funds directly into your enterprise. Since all applications associated with vat tend to be of time-bound nature, it is important that you file them within the stipulated time frame.
If you want to charge vat to the clients then you’ll have to apply for vat registration to the hmrc once your business becomes entitled to such a move my blog. You must enrol the aid of a professional vat agent so that your vat application is approved instantly and your vat registration and future vat refunds are awarded without any problems.