Make a vat application for vat registration and vat refunds
If you plan to market goods or services in Britain then you definitely might soon need to turn into a VAT registered trader in order to achieve it you will have to complete a vat application for vat registration and vat refunds in the foreseeable future. It is however, important that you get your application right the first time around for seamless integration into the vat tax system.
The UK along with the majority of the eu countries have shifted over to vat or value added tax for taxing services and goods available in their respective countries or even re-exported from those countries. In case your trading business deals in a quite small scale to individual end-users then you may not need to sign up for vat since this will allow you to keep the costs in a lower level. However, when your sales touch the vat threshold limit of 70,000 sterling pounds in the previous Yr or if you feel that this figure might be achieved within the coming 30 days then you will need 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. In case your sales have reached the vat threshold limit or if you think that you have to issue vat invoices to any or all your customers then you definitely should submit an application for vat certification to the hmrc. It is possible to do so by looking into making an online application, especially if you are an individual running your own business. You can simply fill a vat form known as VAT 1 online and submit it online to hmrc vat department. In case your business is a partnership, a firm, 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.
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 arrive within 30 days. Thus, if you want to receive your vat registration without any hiccups you then should hire a vat agent who 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 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 will again need to make a vat refund application to recover that double-taxed amount. Again, your vat agent would be able to make the necessary vat applications for vat refunds within the stipulated time. This helps redirect vital funds directly into your business. Since all applications associated with vat tend to be of time-bound nature, it is important you file them well within the stipulated time frame.
If you want to charge vat to the clients then you’ll need to make an application for vat registration to the hmrc once your business becomes entitled to this kind of move. You should enrol the aid of a professional vat agent so your vat application qualifies instantly plus your vat registration and future vat refunds are awarded without any problems.