If you are a trader located in the UK or other EU country that has adopted vat as 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 time and effort by utilizing all online vat services provided by your own vat department.
In the United Kingdom vat rules specify that you could make an application for vat registration if your taxable sales rise over the vat threshold limit of £70,000 in the past 12 months 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 can at present only complete basic vat online registration by filling up and submitting vat form 1 online. This form is normally used by small establishments. In case your business is a partnership firm, a group of companies, or intends to do business internationally then you could download and print all vat registration forms but will probably be needed to fill up the form manually before sending it 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 will need to first study all applicable vat rules before you register your business online. In case 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 may allow you to remain safe while following all vat rules in several countries with falling foul of any department.
Once you send your vat online registration form to your hmrc department then you will receive a vat questionnaire within 15 days that will require additional details to be submitted such as your business address, telephone and fax numbers, bank account numbers, and several other details connected to your small 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 have to alter 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 also the same must also be displayed on your vat returns that will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the UK you will discover 3 types of vat rates applicable for all goods and services. 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% plus a zero vat rate on specific goods and services which will remain the same. There’s also certain products or services that are vat exempt. However, the vat rates are different in each eu country even though basic reasoning behind charging vat tax continues to be same in all vat enabled countries.
If you want to register your business for vat then going on the internet will help save your time and also enable you to securely complete the required process required for vat registration. You should simply log on to the hmrc vat department if your business is located in the UK or ask your vat agent to do this on your behalf before using online vat registration to get registered as being a vat dealer without having problem.