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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 wish to be 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 you will then be empowered to reclaim vat paid in another eu country and thereby decrease your costs and also improve your business cash flow.

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 new business in the United Kingdom and also have touched ?70,000 pounds in taxable sales in the past vat registration number 1 year then you can apply for vat registration with the HM Revenue and Customs or hmrc department. You may also apply before this threshold limit is achieved if you sell your goods or services 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 make an application for vat registration then your costs could increase slightly, and if you sell your goods and services locally in the UK at a retail level then you could choose to remain outside vat if 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 might not take your actions lightly in case you are discovered doing precisely the same. There are many benefits of entering the vat system since it will prevents the problem of double taxation by permitting you to definitely reclaim vat already paid on services or goods in another country 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 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 through your vat agent too provided you inform the department of your choosing. Once 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 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 your clients can reclaim vat from other end.

As soon as your application is approved then you will receive your distinct vat registration number and may have to display it on all vat documents including 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 that invoice along with your vat no at the very top. You will need to give a summary of all vat paid and collected within your vat returns which will have 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 straightforward online procedure that has to be done first if you want to turn into a vat registered trader in the UK. You can simply fill the online vat registration form and submit it to the hmrc vat department whenever you apply for registration for vat.