If you are planning to market services or goods in the UK then you definitely might soon need to turn into a VAT registered trader and to achieve it you will need to make a vat application for vat registration and vat refunds in the foreseeable future. It is however, essential that you get your application right the first time around for seamless integration into 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 or even re-exported from those countries. In case your trading business deals in a very small scale to individual end-users then you may not need to register for vat since this www.vatvalidation.com will allow you to keep the costs at a lower level. However, once your sales touch the vat threshold limit of 70,000 sterling pounds within the previous 12 months or if you feel that this figure could be achieved in the coming 30 days then you’ll 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 any or all your clients then you definitely should make an application for vat certification to the hmrc. It is possible to achieve this by looking into making a web-based application, particularly if you are a person running your own 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 company, a trust, a charity, or other type of organization then you can download the applicable vat application form but will need to print it out at your end, fill it up and dispatch it physically to hmrc.
In the event the hmrc vat department doesn’t have any additional queries upon receiving the application then you can certainly expect your vat certificate to arrive within 30 days. Thus, if you want to receive your vat registration with no hiccups you then should hire a vat agent that has expertise in uk vat and even 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 will again want to make a vat refund application to recover that double-taxed amount. Again, your vat agent can make the necessary vat applications for vat refunds within the stipulated time. This will help redirect vital funds directly into your enterprise. Since all applications associated with vat tend to be of time-bound nature, it is crucial that you file them within the stipulated time period.
If you want to charge vat to the clients then you will need to apply for vat registration to the hmrc as soon as your business becomes entitled to such a move. You should enrol the aid of a professional vat agent so that your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without any problems.