If you plan to market goods or services in Britain then you definitely might soon need to turn into a VAT registered trader in order to achieve it you will need to complete a vat application for vat registration and vat refunds in the future. It really is however, essential that you get the application right the first time around for seamless integration to the vat tax system.
The UK along with the majority of the eu countries have shifted over to vat or value added tax for taxing services and goods available in their respective countries and even re-exported out of those countries. In case your trading business deals at a very modest scale to individual end-users then you may not need to sign up for vat simply because this will let you keep the costs at 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 might be achieved within the coming 30 days 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. In case your sales have reached the vat threshold limit or if you feel that you need to issue vat invoices to any or all your clients then you should submit 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 up a vat form referred to as VAT 1 online and submit it online to hmrc vat department. In case your business is a partnership, a firm, a trust, a charity, or any 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 does not have any additional queries upon receiving your application then you can certainly expect your vat certificate to arrive within one month. Thus, if you wish to receive your vat registration with no hiccups you then should hire a vat agent who has expertise in uk vat and even eu vat systems to ensure that there’s complete adherence to all vat rules. Your vat agent may also guide you during filing of vat returns.
Should 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 recover that double-taxed amount. Again, your vat agent can make necessary vat applications for vat refunds in the stipulated time. This will help redirect vital funds directly into your enterprise. Since all applications related to vat usually are of time-bound nature, it is crucial that you file them well within the stipulated time frame.
If you want to charge vat to the clients then you will have to make an application for vat registration to the hmrc once your business becomes entitled to this kind of move. You should enrol the aid 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.