If you plan to sell goods or services in Britain then you definitely might soon have to turn into a VAT registered trader and to achieve it you will have to complete a vat application for vat registration and vat refunds in the future. It really is however, essential that you get your 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 goods and services sold in their respective countries or even re-exported from those countries. If your trading business deals in a quite small scale to individual end-users you then might not need 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 Yr or if you feel that this figure might be achieved in the coming 1 month then you will have to apply for vat registration.
In Britain all vat rules are issued and managed by Her Majesty?s Revenue and Customs department or hmrc. If your sales are near the vat threshold limit or if you feel that you need to issue vat invoices to any or all your clients then you definitely should submit an application for vat certification to the hmrc vatcontrol.com. It is possible to achieve this by looking into making an online application, especially if you are a person running your individual business. You can simply fill up a vat form known as VAT 1 online and submit it online to hmrc vat department. In case your organization be a partnership, a company, a trust, a charity, or other kind of organization then you can download the applicable vat application form but will have 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 the application then you can certainly expect your vat certificate to arrive within 30 days. Thus, if you want to receive your vat registration with no hiccups you then should hire a vat agent who has expertise in uk vat as well as eu vat systems so that there is complete adherence to all vat rules. Your vat agent can also guide you during filing of vat returns.
Should you import goods or services from other eu countries that have already charged you vat on the same then you’ll again want to make a vat refund application to recoup that double-taxed amount. Again, your vat agent would be able to make the necessary vat applications for vat refunds within the stipulated time. This helps redirect vital funds directly into your business. Since all applications associated with vat usually are of time-bound nature, it is important you file them well within the stipulated time period.
If you would like charge vat to your clients then you will need to apply for vat registration to the hmrc as soon as your business becomes eligible for such a move click here. You must enrol the aid of an expert vat agent so that your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without any problems.