If you are a trader based in the UK or any other EU country which has adopted vat to be a medium of taxation you then should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations so you too should save on effort and time by utilizing all online vat services offered by your vat department.
In the United Kingdom vat rules specify that you could apply for vat registration in case your taxable sales rise over the vat threshold limit of Â£70,000 during the past 1 year or if you feel they are going to do this within the next 1 month, even though you can still register even before your sales touch this figure. However, you can at the moment only complete basic vat online registration by filling and submitting vat form 1 online. This method is generally used by small businesses. If your http://vatcontrol.com business is a partnership firm, a group of companies, or plans to conduct business internationally then you can download and print all vat registration forms but will probably be needed to fill up the form manually before sending it back to the HM Revenue and Customs or hmrc vat department.
If you are planning to go in for online vat registration in another eu country that has adopted vat then you’ll have to first study all applicable vat rules before you decide to register your organization online. Should you have trouble in deciphering uk vat or eu vat rules then its better if you appoint a vat agent or perhaps a customs and excise customs vat agent in the event you plan to conduct your small business on an international level. This will allow you to remain safe while following all vat rules in different countries with falling foul of any department.
When you send your vat online registration form to your hmrc department then you will get a vat questionnaire within 15 days that will need additional details to be submitted such as your organization address, telephone and fax numbers, banking account numbers, and a lot of other details associated with your small business including a few purchase and sales invoices.
Once your application is approved then you will receive your vat number and you will now have to alter your invoicing method to issue vat invoices for all your sales. This vat invoice will have to display your vat no, vat rate, vat amount and also the same will also need to be displayed in your vat returns that will need to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK there are 3 different types of vat rates applicable for all services and goods. The regular vat rates are 17.5% that is set to raise to 20% from January 4, 2011 onwards. There is a reduced vat rate of 5% and a zero vat rate on specific goods and services that will stay the same. There’s also certain products or services which are vat exempt. However, the vat rates are different in each eu country even though basic reasoning behind charging vat tax remains the same in most vat enabled countries.
If you wish to register your business for vat then going on the internet will help save time and also enable you to securely complete the required process required for vat registration. You ought to simply log on to the hmrc vat department if your business is based in the UK or ask your vat agent to do this on your behalf before using online vat registration to have registered as a vat dealer without any problem.