If you plan to sell services or goods in the UK then you definitely might soon have to turn into a VAT registered trader and to achieve it you will have to make a vat application for vat registration and vat refunds in the foreseeable future. It really is however, essential that you get the application right the first time around for seamless integration into the vat tax system.
The UK together with most of the eu countries have shifted over to vat or value added tax for taxing goods and services available in their respective countries or even re-exported out of those countries. If your trading business deals at a very small scale to individual end-users then you might not have to register for vat simply because this will allow you to keep the costs at a lower level. However, when your sales touch the vat threshold limit of 70,000 sterling pounds within the previous Yr or if you think that this figure could be achieved within the coming 1 month then you will have to make an application for vat registration.
In the UK all vat rules are issued and managed by Her Majesty?s Revenue and Customs department or hmrc. If your sales have reached the vat threshold limit or if you think that you have to issue vat invoices to any or all your clients then you definitely should make an application for vat certification to the hmrc http://vatcontrol.com. It is possible to do so by looking into making a web-based application, particularly if you are an individual running your individual business. You can easily fill up a vat form referred to 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 type of organization then you can download the applicable vat application but will need to print it out in your end, fill it up and dispatch it physically to hmrc.
In the event the hmrc vat department does not have any additional queries upon receiving your application then you can certainly expect your vat certificate to reach within 30 days. Thus, if you want to receive your vat registration with no hiccups then you should hire a vat agent that has expertise in uk vat and even eu vat systems to ensure that there is complete adherence to all vat rules. Your vat agent can also guide you during filing of vat returns.
If you import goods or services from other eu countries that have already charged you vat on the very same then you’ll again want 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 in the stipulated time. This helps redirect vital funds directly into your enterprise. Since all applications associated with vat tend to be of time-bound nature, it is important that you file them within the stipulated time period.
If you would like charge vat to the clients then you’ll have to apply for vat registration to the hmrc as soon as your business becomes entitled to this kind of move our site. You should enrol the help of a professional vat agent so that your vat application qualifies instantly and your vat registration and future vat refunds are awarded without problems.