Most EU countries including the UK have shifted over to VAT or value added tax to boost tax revenues and as per specific vat rules you will need to submit relevant vat form to avail of various vat services. If your business is situated in the UK then you will need to physically visit HM Revenue and Customs or hmrc vat department or can even visit their website to download various vat forms, and can even submit some forms online itself.
If your business has surpassed the vat threshold limit of £70,000 in the past 12 months then you can start out by downloading the vat registration form from the hmrc website, although you can get registered for vat before reaching this limit too. In all, there are over 50 online forms connected to vat that can be downloaded from the website. If you are a small trader then you can easily fill up the registration form Vat 1 and submit it online itself. If, however, you are part of a group or a charitable organization, or a partnership company then you can download the relevant vat form 1A, 2, 7, etc but will need to fill it up manually before delivering it to the hmrc vat department.
In the UK, the hmrc vat department has a website that offers a lot of vat information to its viewers that include vat registered traders, vat agents and consultants, people that want to apply for vat registration or simply people that have several other queries related to customs duties, excise duties, and vat. If you want to turn into a vat registered trader in the UK then you will need to learn all about the various classifications under which your goods and services fall so that you can apply the right vat formula while buying and selling them. Hmrc vat department has 14,000 classifications that classify goods and services into standard vat rates, reduced vat rates, and zero vat rates.
Some goods and services also fall under the vat exempt range. Knowing the correct classification of each product will help your while making a vat invoice that will need to specify your vat number, the vat rates, vat amount, and all other relevant vat information required by hmrc. The same holds true while issuing vat invoices in any other vat enabled country in the eu. These details will again need to be mentioned in the corresponding vat return. Hmrc also offers several other vat online services including filing the vat return form online as well as applying online for vat refunds.
If your business requires imports of different goods and services into the UK then appointing a capable vat agent thoroughly conversant with eu vat and uk vat rules can help you to download the correct form and submit it without any errors. Such an agent will also help you to get a vat reclaim at the very first try itself, thus ensuring that your business gets a financial injection sooner rather than later.
In order to comply with all vat rules you need to ensure that each form related to vat is filled up and dispatched without any errors, and within the required time limit. You should certainly take full advantage of various online vat services offered by hmrc vat by downloading and submitting the right vat form so as to remain on the right side of the vat tax law.