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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 want to become a part of the vat or value added tax system then you’ll need to make an application for registration for vat to turn into a vat registered trader. Once you turn into a vat registered trader then you will be empowered to reclaim vat paid in another eu country and thereby decrease your costs and also improve 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 whilst trading between member eu countries. In case you have started a new business vat numbers in the United Kingdom and have touched ?70,000 pounds in taxable sales in the past 12 months then you can definitely make an application for vat registration with the HM Revenue and Customs or hmrc department. You may also 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, as soon as you apply for vat registration then your costs could increase slightly, and when you sell your goods and services locally in the UK at the retail level then you could choose to remain outside vat should you only sell vat exempt goods. However, if you try to artificially make an effort to separate your business activities only to remain away from system of vat then this hmrc vat department may not take your actions lightly in case you are discovered doing the same. There are many advantages of entering the vat system since it will prevents the problem of double taxation by allowing you to definitely reclaim vat already paid on goods or services overseas too.

The entire process for registration for vat is quite simple however, if you are not sure about yourself then you definitely 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 can apply for vat using your vat agent too provided you inform the department of your choice. Once you make an application for vat registration then this procedure for approving your 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 the application so that your clients can reclaim vat from other end.

As soon as your application is eligible 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 together with your vat no at the top. You will need to give a summary of all vat paid and collected in your vat returns that will need to be filed periodically as required by the hmrc vat department. If you have already paid vat on products or 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 easily fill up the web based vat registration form and submit it to your hmrc vat department whenever you apply for registration for vat.