If you are a registered trader in the UK then by paying vat online you can save time and effort. Anyway, the HM revenue and customs or hmrc vat department has already made it mandatory for all those traders with a sales turnover of ?100,000 or more and all vat registered traders after April 01, 2010, irrespective of sales to pay their vat online.
Most small businesses are adopting computers and the internet for running their businesses. This really is indeed a time-saving feature as it becomes rather easy to issue vat invoices, calculate vat rates, and even file vat returns quickly. If you’ve been using several vat online services provided by the hmrc vat department including filing your vat returns online you must need to pay your vat online. This technique is quicker and much more secure vatcontrol.com/vat since you might otherwise don’t know if your vat payments have reached the concerned vat department, and may be penalized for late payments due to delays in postal services.
You will 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 in for a vat refund in the event vat was already 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 competent vat agent with sufficient knowledge on customs and excise rules would ensure smooth payment of all relevant taxes and duties.
Once you start paying vat online you will surely realize that it is not a challenging task at all and instead saves you considerable time and effort. You will need to mention your vat registration number as your reference number whilst providing other details such as 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 ways to pay your vat online.
It is possible to opt to pay your vat online by credit card, debit card, direct debit, bank giro, chaps transfer, and several other modes which are explained in detail at the hmrc vat website. If you make a web-based vat payment then you’ll usually get 7 calendar days over your standard vat return deadline date for that payment to get transferred to the hmrc vat account. This would allow you plenty of time to calculate and work out your vat payments well on time to avoid any late payment surcharge. If you have not yet computerised your business operations then you certainly ought to do this as this move will definitely help your organization to keep a record of sales, purchases and taxes at the same time.
If you’re a vat registered trader in the UK 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 ought to certainly make use of it while paying vat online if you want to pay your vat taxes in a safe and seamless manner.