If you plan to sell goods or services in Britain then you might soon need 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 future. It is however, essential that you get your application right to begin with for seamless integration to the vat tax system.
The UK together with most of the eu countries have shifted 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 modest scale to individual end-users then you may not have to sign up for vat since this will allow you to keep your costs in a lower level. However, when your sales touch the vat threshold limit of 70,000 sterling pounds in the previous 12 months or if you feel that this figure might be achieved within the coming 30 days then you'll have to make an application 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 think that you have to issue vat invoices to any or all your clients then you should make an application for vat certification to the hmrc. It is possible to do so by making an online application, particularly if you are a person running your own business. You can easily fill up a vat form known as VAT 1 online and submit it online to hmrc vat department. Should your business is a partnership, a company, a trust, a charity, or other type of organization then you can download the applicable vat application but will have to print it out in your end, fill it up and dispatch it physically to hmrc.
If the hmrc vat department does not have any additional queries upon receiving the application then you can expect your vat certificate to arrive within 30 days. Thus, if you want to receive your vat registration with no hiccups then you should hire a vat agent that has knowledge of uk vat and even eu vat systems to ensure that there is complete adherence to all or any vat rules. Your vat agent may also guide you during filing of vat returns.
Should you import goods or services from other eu countries which have already charged you vat on the very same then you will again need to make a vat refund application to recoup that double-taxed amount. Again, your vat agent would be able to make necessary vat applications for vat refunds within the stipulated time. This will help redirect vital funds back into your enterprise. Since all applications associated with vat tend to be of time-bound nature, it is crucial that you file them well within the stipulated time frame.
If you would like charge vat to the clients then you'll have to make an application for vat registration to the hmrc as soon as your business becomes eligible for this kind of move. You should enrol the help of an expert vat agent so your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without problems.
Make a vat application for vat registration and vat refunds
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