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You need uk vat registration if you want to charge or reclaim vat


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If you are a trader in the UK with rising sales or wish to voluntarily enter the VAT tax system you’ll need uk vat registration if you wish to charge or reclaim vat. Once you turn into a uk vat registered trader you’ll be able to start charging vat or value added tax to your clients and even reclaim previously paid vat on services and goods, even when paid in another eu country.

Much like most other countries inside the EU like Greece, Spain, Poland, Sweden, Germany, Italy, etc, the UK too embraced the system of vat as a way of taxing goods and services. In case your organization is http://vatregistrationnumber.com quite small and your end-clients are people who don’t need vat invoices then you would be better off by remaining outside the scope of vat as this will lower your costs. However, once your taxable sales cross ?70,000 in the previous Yr then you will have to sign up for vat unless you deal only in vat exempt services or goods.

On the flip side, in case your clients want you to charge vat to them so that they can offset it against their sales you’ll be able to apply for vat registration even before the vat threshold limit has been achieved. You can make an application for uk vat registration as being an individual, partnership, company, club, association, charity, etc dependant upon the nature of the business. You will have to apply online for registration to your HM Revenue and Customs department or hmrc department provided you meet all criteria posed by them.

If you import taxable goods from other eu and non-eu countries to sell them locally, re-export goods or services outside of the UK, or even buy goods locally to resell them, then you will have to get vat registered in Britain, particularly if you have crossed across the vat threshold limit. You can make an application for online vat application only if you use VAT 1 form, which happens to be for small enterprises run by individuals. All other registration forms is available but will have to be filled manually before being dispatched to the hmrc vat department for processing. You need to get your vat number within 1 month of applying, provided all of your documents are in order.

You will now be in a position to issue a vat invoice against each sale and also will need to specify vat rates against each product or service. You will also have to file vat returns as decided by the hmrc department. However, in case you have already paid vat on goods and services, even when these were paid in another eu country then you will be in a position to apply for vat refund and receive that amount back to your bank account. This feature will help enhance your business cash-flow while also reducing your product or services costs. In case you have difficulty in understanding uk vat and eu vat rules then an expert vat agent could help solve all your problems associated with vat returns and vat refunds so your business keeps on growing without taxation hiccups.

If your business is poised to sneak over the vat threshold limit of ?70,000 in taxable sales then you’ll have to turn over a vat registered trader. However, this is a move in the right direction since once you complete your uk vat registration process and turn into a vat registered trader then you will be in a position to claim for vat refunds and infuse that money in your business.