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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’ll need to make an application for registration for vat to turn into a vat registered trader. When you finally 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 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 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 1 year then you can definitely 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 services or goods to mostly vat registered traders. Vat registration can be done as an individual, partnership, company, trust, etc as deemed fit by the hmrc department.

However, once you make an application for vat registration your costs could increase slightly, and when you sell your products or 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 business activities simply to remain outside the system of vat then the hmrc vat department might not take your actions lightly in case you are discovered doing the same. There are many benefits of entering the vat system since it will avoid the problem of double taxation by permitting you to reclaim vat already paid on services or goods overseas too.

The whole process for registration for vat is quite simple but if you aren’t sure about yourself then you should simply appoint an expert 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 apply for vat using your vat agent too provided you inform the department of your choice. Once you apply for vat registration then this process of approving the application usually takes between 10 to 30 days. Fo the time being you can continue 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 your clients can reclaim vat from their end.

Once your application is eligible you will receive your distinct vat registration number and will have to display it on all vat documents as well as your vat invoices, vat returns, and vat refunds. You will also have to issue a vat invoice that separately shows all vat rates applied in that invoice together with your vat no at the very top. You will have to provide a breakdown of all vat paid and collected within your vat returns which will have to be filed periodically as needed 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’re a certified vat registered trader.

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