If you’re a registered trader in the UK then by paying vat online you can save effort and time. Anyway, the HM revenue and customs or hmrc vat department has made it mandatory for all those traders having a sales turnover of ?100,000 or more and vat registered traders after April 01, 2010, irrespective of sales to cover their vat online.
Most smaller businesses are now adopting computers and the internet for running their businesses. This is indeed a time-saving feature as it becomes quite easy to issue vat invoices, calculate vat rates, and even file vat returns quickly. If you have been using several vat online services provided by the hmrc vat department http://checkvatnumber.com including filing your vat returns online you must need to pay your vat online. This method is quicker and much more secure as you might otherwise never know when your vat payments have reached the concerned vat department, and might be penalized for late payments due to delays in postal services.
You’ll certainly need to know about uk vat and eu vat rules, especially if you import goods from member eu states and sell them in the United Kingdom market after charging the applicable vat rates. You can also go for a vat refund in case vat was already paid in the nation of origin on any services or goods imported by you to the UK. However, if you have trouble to understand different vat rules in a number of countries then appointing a capable vat agent with sufficient knowledge on customs and excise rules would ensure smooth payment of most relevant taxes and duties.
Once you start paying vat online you will surely realize that it’s not a difficult task in any way and instead saves you a lot of time and effort. You will have to mention your vat registration number as the reference number whilst providing other details like vat sales and purchases to the particular period, vat amounts paid and collected, and the amount of vat, if any, to be paid. You may also utilize several methods to pay your vat online.
You can elect to pay your vat online by credit card, debit card, direct debit, bank giro, chaps transfer, and many other modes that are explained at length at the hmrc vat website. If you make an online 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 allow you enough time to calculate and work out your vat payments well on time to avoid any late payment surcharge. If you haven’t yet computerised your company operations then you ought to do this since this move will definitely help your business to help keep a record of sales, purchases and taxes at the same time.
If you are a vat registered trader in the United Kingdom or maybe in some other eu country then you’ll surely have the option of making vat payments online. This mode of payment is quick and secure, and you should certainly make use of it while paying vat online if you wish to pay your vat taxes in a safe and seamless manner.