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Apply for registration for vat to turn into a vat registered trader


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If you have crossed the threshold limit or wish to be a part of the vat or value added tax system then you’ll need to apply for registration for vat to turn into a vat registered trader http://www.vatcheck.com. When you finally turn into a vat registered trader then you will be empowered to reclaim vat paid in another eu country and thereby decrease your costs as well as enhance your business earnings.

Several eu countries like 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. In case you have started a fresh business in the United Kingdom and also have touched ?70,000 pounds in taxable sales during the past 1 year then you can definitely 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 services or goods 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, as soon as you make an application for vat registration then your costs could increase slightly, and if you sell your products or services locally in the United Kingdom at the retail level then you could choose to remain outside of vat should you only sell vat exempt goods. However, if you try to artificially make an effort to separate your business activities simply to remain outside the system of vat then the hmrc vat department may not take your actions lightly in case you are discovered doing the same. There are several advantages of entering the vat system since it will avoid the problem of double taxation by allowing you to reclaim vat already paid on goods or services in another country too.

The entire process for registration for vat is quite simple however, if you are not sure about yourself then you should simply appoint a professional vat agent to deal with all vat matters. The hmrc vat department offers several vat online services including applications for registration for vat. You are able to apply for vat through your vat agent too provided you inform the department of your choosing. Once you apply for vat registration then this process of approving your application typically takes between 10 to 30 days. Fo the time being you can keep issuing regular invoices to your clients. However, in that period you will need 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 unique vat registration number and can have to display it on all vat documents including your vat invoices, vat returns, and vat refunds. You will also need to issue a vat invoice that separately shows all vat rates applied in the invoice along with your vat no at the top. You will need to provide a breakdown of all vat paid and collected within 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 products or services in another eu country then you can try for vat reclaim once you are an official vat registered trader.

Vat registration is a simple online procedure that needs to be done first if you want to turn into a vat registered trader in the United Kingdom. You can simply fill the online vat registration form and submit it to the hmrc vat department whenever you apply for registration for vat.