If you are a registered trader in the UK then by paying vat online you save effort and time. Anyway, the HM revenue and customs or hmrc vat department has already made it mandatory for all traders with a sales turnover of ?100,000 or more and vat registered traders after April 01, 2010, irrespective of sales to pay their vat online.
Most smaller businesses are adopting computers and also the internet for running their businesses. This really is indeed a time-saving feature since it becomes quite easy to issue vat invoices, calculate vat rates, and even file vat returns quickly. If you’ve been using several vat online services provided by the hmrc vat department including filing your vat returns online then you will need to pay your vat online. This technique is quicker and much more secure http://vatcontrol.com/vat since you might otherwise never know if your vat payments have reached the concerned vat department, and might be penalized for late payments due to delays in postal services.
You will certainly need to know all about uk vat and eu vat rules, especially if you import goods from member eu states and then sell them in the United Kingdom market after charging the applicable vat rates. You can also go in for a vat refund in case vat was already paid in the nation of origin on any services or goods imported by you into the UK. However, in case you have trouble in understanding different vat rules in a number of countries then appointing a competent vat agent with sufficient knowledge on customs and excise rules would ensure smooth payment of most relevant taxes and duties.
When you start paying vat online then you will surely realise that it’s not a challenging task in any way and instead saves you considerable time and energy. You will need to mention your vat registration number as your reference number while also providing other details such as vat sales and purchases for the particular period, vat amounts paid and collected, as well as the level of vat, if any, to be paid. You can also utilize several methods to pay your vat online.
You can opt to pay your vat online by charge card, debit card, direct debit, bank giro, chaps transfer, and several other modes that are explained at length at the hmrc vat website. If one makes a web-based vat payment then you will usually get 7 calendar days over your standard vat return deadline date for that payment to be transferred into the hmrc vat account. This would permit you plenty of time to calculate and make your vat payments well in time to avoid any late payment surcharge. If you have not yet computerised your business operations then you ought to do so since this move will definitely help your organization to help keep track of sales, purchases and taxes simultaneously.
If you are a vat registered trader in the United Kingdom or in some other eu country then you will surely have the option for making vat payments online. This mode of payment is fast and secure, and you should certainly make use of it while paying vat online if you want to pay your vat taxes in a safe and seamless manner.