If you plan to market goods or services in the UK then you might soon have to turn into a VAT registered trader and to achieve it you will need to complete a vat application for vat registration and vat refunds in the future. It really is however, essential that you get the application right the first time around for seamless integration into the vat tax system.
Great Britain along with the majority of the eu countries have shifted to vat or value added tax for taxing services and goods sold in their respective countries or even re-exported from those countries. If your trading business deals at a quite modest scale to individual end-users then you might not have to register for vat simply because this will allow you to keep your costs at a lower level. However, once your sales touch the vat threshold limit of 70,000 sterling pounds in the previous 12 months or if you think that this figure could be achieved in the coming 30 days then you’ll need 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 have reached the vat threshold limit or if you think that you need to issue vat invoices to any or all your customers then you should make an application for vat certification to the hmrc http://vatcontrol.com. It is possible to achieve this by making a web-based application, particularly if you are an individual running your individual business. You can easily fill a vat form referred to as VAT 1 online and submit it online to hmrc vat department. In case your business is a partnership, a firm, a trust, a charity, or other kind of organization then you can download the applicable vat application but will have to print it in your end, fill it up and dispatch it physically to hmrc.
If the hmrc vat department does not have any additional queries upon receiving the 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 who has knowledge of uk vat and even eu vat systems to ensure that there’s complete adherence to all or any vat rules. Your vat agent may also direct you during filing of vat returns.
Should you import goods or services from other eu countries which 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 the necessary vat applications for vat refunds within the stipulated time. This will help redirect vital funds back into your enterprise. Since all applications related to vat usually are of time-bound nature, it is crucial that you file them well within the stipulated time period.
If you would like charge vat to the clients then you’ll need to apply for vat registration to the hmrc once your business becomes eligible for such a move article source. You should enrol the help of a professional vat agent so that your vat application is approved instantly plus your vat registration and future vat refunds are awarded without any problems.