If you are a trader based in the UK or other EU country that has adopted vat to be a medium of taxation then you should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations so you too should save on effort and time by using all online vat services offered by your own vat department.
In the UK vat rules specify that you could apply for vat registration in case your taxable sales rise over the vat threshold limit of Â£70,000 during the past 1 year or if you feel they will do this within the next 30 days, although you could register before the sales touch this figure. However, you can at present only complete basic vat online registration by filling up and submitting vat form 1 online. This form is generally http://vatverification.com used by small businesses. If your organization is a partnership firm, a group of companies, or plans to conduct business internationally then you can download and print all vat registration forms but will probably be needed to fill the form manually before sending it to the HM Revenue and Customs or hmrc vat department.
If you are planning to go in for online vat registration in another eu country which has adopted vat then you will need to first study all applicable vat rules before you register your organization online. Should you have trouble in deciphering uk vat or eu vat rules then it is better if you appoint a vat agent or perhaps a customs and excise customs vat agent in the event you plan to conduct your business on an international level. This will enable you to remain safe while following all vat rules in different countries with falling foul of any department.
Once you send your vat online registration form to your hmrc department then you will receive a vat questionnaire within 15 days that will require additional details to be submitted such as your organization address, telephone and fax numbers, bank account numbers, and several other details connected to your business including a few purchase and sales invoices.
As soon as your application is eligible you will receive your vat number and you’ll now have to change your invoicing method to issue vat invoices for all your sales. This vat invoice will need to display your vat no, vat rate, vat amount and the same must also be shown on your vat returns which will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the United Kingdom there are 3 different types of vat rates applicable for all services and goods. The standard vat rate is 17.5% that is set to raise to 20% from January 4, 2011 onwards. There’s a reduced vat rate of 5% and a zero vat rate on specific goods and services that will stay the same. There’s also certain products or services which are vat exempt. However, the vat rates will vary in each eu country although the basic reasoning behind charging vat tax continues to be same in most vat enabled countries.
If you wish to register your business for vat then going on the internet will help save your time and also enable you to securely complete the necessary process required for vat registration. You ought to simply log on to the hmrc vat department in case your business is based in the UK or ask your vat agent to do so on your behalf before using online vat registration to have registered as being a vat dealer without having problem.