If you are planning to market 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 make a vat application for vat registration and vat refunds in the future. It really is however, important that you get the application right the first time around for seamless integration to 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 out of those countries. In case your trading business deals in a quite small scale to individual end-users you then may not have to register for vat since this vat validation will allow you to keep the 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 feel that this figure might be achieved in 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. In case your sales have reached the vat threshold limit or if you think that you need to issue vat invoices to all your clients then you should make an application for vat certification to the hmrc. You can easily achieve this by making an online application, particularly if you are an individual running your individual business. You can simply fill a vat form referred to as VAT 1 online and submit it online to hmrc vat department. Should your organization be a partnership, a company, a trust, a charity, or other type of organization then you can download the applicable vat application but will need to print it out in your end, fill it up and dispatch it physically to hmrc.
If the hmrc vat department doesn’t have any additional queries upon receiving the application then you can expect your vat certificate to reach within 30 days. 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 and even eu vat systems to ensure that there is complete adherence to all vat rules. Your vat agent can also guide you during filing of vat returns.
If you import goods or services from other eu countries that 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 the necessary vat applications for vat refunds within the stipulated time. This will help redirect vital funds directly into your business. Since all applications related to vat tend to be of time-bound nature, it is important that you file them well within the stipulated time frame.
If you would like charge vat to your clients then you will have to make an application for vat registration to the hmrc once your business becomes eligible for this kind of move. You must enrol the help of an expert vat agent so that your vat application is approved instantly plus your vat registration and future vat refunds are awarded without any problems.