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Make an application for registration for vat to turn into a vat registered trader


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In case you have crossed the threshold limit or wish to be a part of the vat or value added tax system then you will need to make an application for registration for vat to turn into a vat registered trader. When you finally are a vat registered trader then you will be empowered to reclaim vat paid in another eu country and thereby lower your costs as well as enhance your business earnings.

Several eu countries including the UK, Spain, Poland, Sweden, Italy, Germany, etc have moved over to vat for taxing goods and services. Vat is thus followed even while trading between member eu countries. If you have started a fresh business in the United Kingdom and have touched ?70,000 pounds in taxable sales in the past 12 months then you can apply for vat registration with the HM Revenue and Customs or hmrc department. You can even apply before threshold limit is achieved if you sell your goods or services to mostly vat registered traders. Vat registration can be done as being an individual, partnership, company, trust, etc as deemed fit by the hmrc department.

However, once you apply for vat registration your costs could increase slightly, and when you sell your goods and services locally in the UK at the retail level then you may choose to remain outside of vat if you only sell vat exempt goods. However, if you try to artificially try to separate your enterprise activities simply to remain outside the system of vat then the hmrc vat department might not take your actions lightly if you’re discovered doing the same. There are many benefits of entering the vat system as it will prevents the problem of double taxation by allowing you to definitely reclaim vat already paid on services or goods in another country too.

The whole process for registration for vat is pretty simple however, if you aren’t sure about yourself then you definitely should simply appoint an expert vat agent to handle all vat matters. The hmrc vat department offers several vat online services including applications for registration for vat. You are able to make an application for vat using your vat agent too provided you inform the department of your choice. Once you make an application for vat registration then the procedure for approving the application usually takes between 10 to 30 days. Until then you can keep issuing regular invoices to your clients. However, during that period you will have to take into account applicable vat rates and re-issue those invoices issued after your application so that your clients can reclaim vat from other end.

Once your application is approved you will receive your distinct vat registration number and can have to display it on all vat documents as well as your vat invoices, vat returns, and vat refunds. You will also have to issue a vat invoice that separately shows all vat rates applied in the invoice along with your vat no at the very top. You will need to provide a breakdown of all vat paid and collected in your vat returns that will need to be filed periodically as required by the hmrc vat department. In case you have already paid vat on goods and services in another eu country then you can certainly try for vat reclaim once you’re a certified vat registered trader.

Vat registration is a simple online procedure that has to be done first if you wish to turn into a vat registered trader in the UK. You can simply fill the online vat registration form and submit it to your hmrc vat department when you apply for registration for vat.