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Apply for registration for vat to turn into a vat registered trader


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In case you have crossed the threshold limit or want 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 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 goods and 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 during the past vatregistrationnumber 12 months then you can 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 services or goods 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 apply for vat registration then your costs could increase slightly, and if you sell your products or services locally in the UK at the retail level then you could opt to remain outside vat should you only sell vat exempt goods. However, if you try to artificially make an effort to separate your business activities simply 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 many benefits 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 whole process for registration for vat is quite simple but if you aren’t sure about yourself then you 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 apply for vat using your vat agent too provided you inform the department of your choice. As soon as you apply for vat registration then the procedure for approving the 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 need to factor in applicable vat rates and re-issue those invoices issued after the application so that your clients can reclaim vat from other end.

As soon as your application is approved then you will receive your unique 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 along with your vat no at the very top. You will need to provide a summary of all vat paid and collected in your vat returns that will need to be filed periodically as needed by the hmrc vat department. If you have already paid vat on goods and services in another eu country then you can certainly try for vat reclaim once you are a certified vat registered trader.

Vat registration is a straightforward online process that has to be done first if you wish to turn into a vat registered trader in the UK. You can simply 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.