If you are a trader based in the UK or 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 and you too should reduce effort and time by using all online vat services provided by your vat department.
In the UK vat rules specify that you can apply for vat registration if your taxable sales rise above the vat threshold limit of Â£70,000 during the past 1 year or if you feel that they will do this within the next 30 days, although you can still register before your sales touch this figure. However, you are able to vatnumbersearch.com at the moment only complete basic vat online registration by filling up and submitting vat form 1 online. This method is normally utilised by small establishments. If your business is a partnership firm, a group of companies, or plans to do business internationally then you could download and print all vat registration forms but will be required to fill up the form manually before sending it to the HM Revenue and Customs or hmrc vat department.
If you plan 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. In case you have trouble in deciphering uk vat or eu vat rules then its better if you appoint a vat agent or even a customs and excise customs vat agent in the event you intend to conduct your small business on an international level. This may allow you to remain safe while following all vat rules in several countries with falling foul of any department.
When you send your vat online registration form to the hmrc department then you will receive a vat questionnaire within 15 days that will require additional details to be submitted including your business address, telephone and fax numbers, banking account numbers, and a lot of other details associated with your business including a few purchase and sales invoices.
As soon as your application is approved then you will receive your vat number and you will now need to change your invoicing method to issue vat invoices for all of your sales. This vat invoice will need to display your vat no, vat rate, vat amount and the same will also need to be shown in your vat returns which will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the United Kingdom you will discover 3 different types of vat rates applicable to all services and goods. The standard 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% plus a zero vat rate on specific services and goods which will stay the same. There’s also certain goods and services which are vat exempt. However, the vat rates will vary in each eu country even though basic reasoning behind charging vat tax remains the same in all vat enabled countries.
If you want to register your organization for vat then going online may 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 in case your organization is located in the UK or ask your vat agent to do so for you before using online vat registration to have registered as a vat dealer without having problem.