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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 be 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 you will then be empowered to reclaim vat paid in another eu country and thereby lower your costs as well as 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. If you have started a fresh business in the UK and also have touched ?70,000 pounds in taxable sales in the past 12 months then you can make an application for vat registration with the HM Revenue and Customs or hmrc department. You can even apply before this 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, once you apply 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 may choose to remain outside vat if you only sell vat exempt goods. However, if you try to artificially try to separate your business activities only to remain outside the system of vat then this hmrc vat department might not take your actions lightly if you’re discovered doing the same. There are several benefits of entering the vat system as it will avoid the problem of double taxation by permitting you to reclaim vat already paid on services or goods in another country too.

The entire process for registration for vat is pretty simple however, if you aren’t 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 are able to make an application for vat through 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 the application usually 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 need to take into account applicable vat rates and re-issue those invoices issued after the application so that your clients can reclaim vat from their end.

Once your application is approved then you will receive your distinct vat registration number and will need 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 very top. You will have to give a breakdown of all vat paid and collected within your vat returns that will need to be filed periodically as needed by the hmrc vat department. In case you have already paid vat on products or services in another eu country then you can try for vat reclaim once you’re a certified vat registered trader.

Vat registration is a straightforward online process that needs to be done first if you want to turn into a vat registered trader in the United Kingdom. You can simply fill up the online vat registration form and submit it to the hmrc vat department whenever you apply for registration for vat.