If you plan to market services or goods in the UK then you definitely might soon have to turn into a VAT registered trader in order to achieve it you will have to make a vat application for vat registration and vat refunds in the future. It is however, important that you get the application right to begin with for seamless integration to the vat tax system.
Great Britain along with most of the eu countries have shifted to vat or value added tax for taxing services and goods sold in their respective countries and even re-exported out of those countries. In case your trading business deals at a quite small scale to individual end-users you then may not have to register for vat simply because this vatvalidation will allow you to keep your costs at a lower level. However, when your sales touch the vat threshold limit of 70,000 sterling pounds within the previous 12 months or if you think that this figure could be achieved within the coming 30 days 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. In case your sales are near the vat threshold limit or if you feel that you need to issue vat invoices to any or all your customers then you definitely should submit an application for vat certification to the hmrc. 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 known 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 type 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.
If the hmrc vat department doesn’t have any additional queries upon receiving your application then you can expect your vat certificate to reach within one month. Thus, if you wish to receive your vat registration with no hiccups then you should hire a vat agent that has knowledge of uk vat and even eu vat systems to ensure that there is complete adherence to all or any vat rules. Your vat agent may also direct you during filing of vat returns.
If you import goods or services from other eu countries that have already charged you vat on the very same then you’ll again want to make a vat refund application to recoup 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 enterprise. Since all applications related to vat tend to be of time-bound nature, it is important that you file them well within the stipulated time frame.
If you want to charge vat to the clients then you will need to make an application for vat registration to the hmrc once your business becomes eligible for such a move. You must enrol the help of an expert vat agent so that your vat application qualifies instantly and your vat registration and future vat refunds are awarded without problems.