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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 become 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. Once you 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 cash flow.

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. In case you have started a new business www.vatnumbers.com in the UK and also have touched ?70,000 pounds in taxable sales during the past 12 months then you can definitely make an application 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 achieved 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 goods and services locally in the United Kingdom at a retail level then you may opt to remain outside vat should you only sell vat exempt goods. However, if you try to artificially try 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 precisely the same. There are several advantages of entering the vat system as it will prevents the problem of double taxation by permitting you to reclaim vat already paid on services or goods overseas too.

The entire process for registration for vat is quite simple but if you are not sure about yourself then you should simply appoint a professional 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 choosing. As soon as you make an application for vat registration then this procedure for approving the application typically 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 their end.

Once your application is eligible you will receive your unique vat registration number and will have to display it on all vat documents as well as 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 very 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 goods and services in another eu country then you can certainly apply for vat reclaim once you are a certified vat registered trader.

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