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 made it mandatory for all traders having a sales turnover of ?100,000 or more and all vat registered traders after April 01, 2010, regardless of sales to pay their vat online.
Most small businesses are now adopting computers and also the internet for running their businesses. This is indeed a time-saving feature since it becomes rather easy to issue vat invoices, calculate vat rates, and even file vat returns quickly. If you have been using several vat online services offered by the hmrc vat department including filing your vat returns online you must also need to pay your vat online. This method is quicker and much more secure 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 vat check services.
You will certainly have to know about uk vat and eu vat rules, especially if you import goods from member eu states and then sell them in the UK market after charging the applicable vat rates. You can also go for a vat refund in case vat has already been paid in the nation of origin on any services or goods imported by you into the UK. However, if you have trouble to understand different vat rules in various 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.
When you start paying vat online you will surely realize that it is not a challenging task at all and instead helps you save considerable time and energy. You will need to mention your vat registration number as the reference number whilst providing other details such as vat sales and purchases for the particular period, vat amounts paid and collected, as well as the amount of vat, if any, to generally be paid. You can also utilize several ways to pay your vat online.
You can elect to pay your vat online by charge card, debit card, direct debit, bank giro, chaps transfer, and many other modes which are explained at length in the hmrc vat website. If you make an online vat payment then you’ll usually get 7 calendar days over your standard vat return deadline date for the payment to get transferred to the hmrc vat account. This should permit you plenty of time to calculate and make your vat payments well in time to avoid any late payment surcharge. If you haven’t yet computerised your company operations then you certainly ought to do so since this move will definitely help your business to keep track of sales, purchases and taxes simultaneously.
If you’re a vat registered trader in the United Kingdom or maybe in some other eu country then you will surely have the option of making vat payments online. This mode of payment is quick and secure, and you should certainly use it while paying vat online if you want to pay your vat taxes in a safe and seamless manner.