If you are planning to market goods or services in the UK then you might soon have 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 your application right the first time around for seamless integration into the vat tax system.
Great Britain together with the majority of the eu countries have shifted to vat or value added tax for taxing goods and services sold in their respective countries or even re-exported out of those countries. If your trading business deals in a very small scale to individual end-users then you might not need to register for vat since this 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 in the previous Yr or if you think that this figure might be achieved within the coming 1 month then you will have to make an application 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 are near the vat threshold limit or if you think that you have to issue vat invoices to any or all your clients then you should submit an application for vat certification to the hmrc vatcontrol.com. You can easily achieve this by looking into making a web-based application, especially if you are an individual running your own business. You can easily fill a vat form referred to as VAT 1 online and submit it online to hmrc vat department. Should your business is a partnership, a company, a trust, a charity, or any other kind of organization then you can download the applicable vat application but will need to print it in 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 your application then you can certainly expect your vat certificate to arrive within 30 days. Thus, if you wish to receive your vat registration with no hiccups then you should hire a vat agent who has knowledge of uk vat as well as eu vat systems so that there is complete adherence to all or any vat rules. Your vat agent can also guide you during filing of vat returns.
Should you import goods or services from other eu countries that have already charged you vat on the 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 back into your business. Since all applications associated with vat usually are of time-bound nature, it is crucial that you file them within the stipulated time period.
If you would like charge vat to your clients then you will have to apply for vat registration to the hmrc as soon as your business becomes entitled to such a move important site. You should enrol the aid of an expert vat agent so your vat application is approved instantly and your vat registration and future vat refunds are awarded without any problems.