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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 want 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. Once you are a vat registered trader you will then 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 like the UK, Spain, Poland, Sweden, Italy, Germany, etc have moved over to vat for taxing products or 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 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 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 make an application 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 opt to remain outside of vat if you only sell vat exempt goods. However, if you try to artificially make an effort to separate your enterprise activities only to remain away from system of vat then the hmrc vat department may not take your actions lightly if you’re 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 goods or services overseas too.

The whole process for registration for vat is pretty simple however, if you aren’t sure about yourself then you 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 apply for vat using your vat agent too provided you inform the department of your choice. As soon as you make an application for vat registration then this process of approving your application typically takes between 10 to 30 days. Fo the time being you can continue 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 the application so your clients can reclaim vat from their end.

As soon as your application is eligible then 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 probably have 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 give a breakdown of all vat paid and collected within your vat returns that will have 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 apply for vat reclaim once you’re a certified 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 the online vat registration form and submit it to the hmrc vat department when you apply for registration for vat.