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Make an application 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 apply for registration for vat to turn into a vat registered trader. When you finally turn into 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 products or services. Vat is thus followed whilst trading between member eu countries. In case you have started a fresh business 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 vatregistrationnumber.com 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 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 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 may not take your actions lightly if you’re discovered doing precisely the same. There are many advantages of entering the vat system as it will avoid the problem of double taxation by allowing you to reclaim vat already paid on services or goods overseas too.

The entire process for registration for vat is pretty simple but if you aren’t 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 can apply for vat through your vat agent too provided you inform the department of your choice. As soon as you make an application for vat registration then the procedure for approving your application typically takes between 10 to 30 days. Fo the time being 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.

As soon as your application is approved you will receive your unique vat registration number and may need to display it on all vat documents as well as your vat invoices, vat returns, and vat refunds. You will probably 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 have to provide a summary of all vat paid and collected within 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 apply for vat reclaim once you are an official vat registered trader.

Vat registration is a simple online process that needs to be done first if you want 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 the hmrc vat department when you make an application for registration for vat.