Vat Centre offers online VAT registration service
for only £50.
Our service provides you with
step by step guided online process to register
your business for VAT. Our experienced tax advisers
are available to assist you. Our customs tax team
are there to follow up your application and to
make sure it is being processed, and dealing with
any queries during the registration process.
The VAT Centre VAT registration
service offers the following benefits:
- Fast Process
The whole process is online, it only take a
few minutes to complete.
- Hassle Free
We take you thru step by step and handle the
complete administrative process for you.
VAT INFORMATION
Once a company's annual sales
revenue reaches the £64,000 threshold, it is required
to register with HM Revenue and Customs for Value
Added Tax (VAT). The HMRC requirement is for a
company to register for VAT if it expects the
total sales revenue for the year to equal or go
beyond the threshold amount.
Vat Centre offers online VAT
registration service for only £50.
What is Value Added
Tax (VAT)?
Value Added Tax (VAT) is an
indirect form of tax charged on the sale of goods
and services. This tax is also known as "goods
and services tax" or GST in some countries, including
Australia, Canada, Singapore, New Zealand etc.
An indirect tax is, when tax is collected from
someone other than the person who actually bears
the cost of the tax.
VAT was invented back in 1950s
by Maurice Lauré, joint director of the French
tax authority, the Direction générale des impôts,
as taxe sur la valeur ajoutée (TVA in French).
Businesses are entitled to
recover VAT on goods and services that they buy
to make further supplies and services sold to
end-users directly or indirectly, but personal
end-consumers of goods and services cannot claim
back VAT on purchases. Thus, the total tax imposed
at each stage in the economic chain of supply
is a constant fraction of the value added by a
business to its goods and businesses has to borne
the cost of collecting the tax rather by the state.
Implementation of VAT has resulted
in discouraging tax fraud and tax evasion.
There are two types of VAT:
OUTPUT VAT is charged by a
business and is paid by its customers. (in this
case it is, VAT on its output supplies).
INPUT VAT is paid by a business
to another businesses on the supplies that it
receives (in this case it is, VAT on its input
supplies).
Generally a business is able
to recover its input VAT to the extent that the
input VAT is attributable to its taxable outputs.
Input VAT is claimed by setting it against the
output VAT for which the business is required
to account to the government, or, if there is
an excess, by claiming a repayment from the government.
VAT is a tax on the final consumption of certain
goods and services. Our
Introduction
to VAT guide provides a summary of the
basic principles of VAT. Business
Briefs.
Introduction
Each year the
Government sets a figure - should it be the same
as the previous year or different - which if met
by your company, you need to register for VAT.
If your business
satisfies any of the following statements, you
need to register for VAT:
-
If your taxable
turnover in the previous year exceeded £64,000*
-
If your taxable
turnover in the next 30 days is expected to
exceed £64,000*
-
The threshold
to de-register (E.g.: If your turnover goes
below VAT level) is £62,000*
* as from 1st
April 2005
Furthermore, if
you are currently trading - or plan to trade -
with suppliers in EU countries, you are also required
to register for VAT within 30 days.
The VAT
Flat Rate Scheme
Do you have a
'taxable' turnover of less than £150,000? If so,
your business may benefit from the VAT Flat Rate
Scheme.
More Information
The following link will direct
you to a document on the HM Customs & Excise
web site (www.hmrc.gov.uk) and will give you further
detailed information on registering for VAT.
The complete list of contents
within the document are as follows:
1. VAT registration:
basic information
1.1 What is this notice about?
1.2 What is VAT?
1.3 Are there different rates
of VAT?
1.4 What are taxable supplies?
1.5 What are zero-rated supplies?
1.6 What are exempt supplies?
1.7 What if I opt to tax my
land and buildings?
1.8 What if I only supply goods
or services abroad?
1.9 What if I take over a business
from someone else?
1.10 What if I have been registered
for VAT before?
1.11 Do I have to register
if I live or work abroad?
2. Deciding if you
need to register
2.1 When must I register for
VAT?
2.2 Do I have to register if
I have reached the limits but I expect the value
of my taxable supplies to reduce?
2.3 Can I still be registered
if I am not liable to be registered?
2.4 Applying for voluntary
registration if you make taxable supplies.
2.5 Applying for voluntary
registration if you make distance sales
2.6 Applying for voluntary
registration when you make acquisitions
2.7 Exemption from Registration
2.8 How to determine when you
become liable to register
2.9 How to calculate the value
of your taxable supplies.
2.10 How to calculate the value
of your distance sales.
2.11 What can I register as?
3. How and when to
notify us
3.1 How must I notify you?
3.2 When must I notify you?
3.3 How will my registration
date be decided?
3.4 Examples of how to work
out the date by which I must notify my liability
to be registered
3.5 When will I get my VAT
registration number?
3.6 What if I fail to notify
at the correct time?
4. Accounting for VAT
4.1 When must I start keeping
records and charging VAT?
4.2 VAT paid before registration.
4.3 What records must I keep?
4.4 Are there different schemes
available to account for VAT?
4.5 What is a VAT return?
4.6 Can I make monthly instead
of three monthly returns?
4.7 What are outputs and inputs?
4.8 Can I have tax periods
to match my financial year?
5. Distance selling
5.1 What is distance selling?
5.2 How does distance selling
work?
5.3 How to account for VAT
once you are registered for distance sales in
the UK
5.4 What if I am already registered
for VAT because I make taxable supplies and/or
acquisitions in the UK?
5.5 What if I make distance
sales to more than one Member State?
5.6 What if a distance sale
involves excise goods?
5.7 Can I register before I
reach the threshold?
5.8 Can I register before I
start making distance sales?
5.9 What if I do not have a
UK business establishment?
6. Acquisitions
6.1 What are acquisitions?
6.2 When must I register and
account for VAT on acquisitions?
6.3 Can I register if the level
of my acquisitions is below the limit?
6.4 Can I register before I
start making acquisitions?
6.5 In what circumstances do
I not need to register due to the level of my
acquisitions?
7. Relevant supplies
7.1 What are relevant supplies?
7.2 What is a predecessor?
7.3 Who has to register?
7.4 What if I am already registered
for UK VAT?
8. Non-established
taxable persons (NETPs): basic information
8.1 What is an NETP?
8.2 What is a 'business establishment'?
8.3 When must an NETP register
for VAT in the United Kingdom (UK)?
8.4 How do I decide if I am
making a supply of goods in the UK?
8.5 How do I decide if I am
making a supply of services in the UK?
9. Non-established
taxable persons (NETPs): voluntary registration
9.1 When can I register voluntarily
as an NETP?
9.2 How do I register voluntarily
for VAT?
9.3 What if I have a business
establishment in the UK?
10. Non-established
taxable persons (NETPs): Tax representatives and
agents
10.1 Appointment and role of
a tax representative
10.2 What must I do if I appoint
a tax representative?
10.3 Will you make me appoint
a tax representative?
10.4 May I appoint an agent
instead of a tax representative?
10.5 Suggested wording for
letter to authorize an agent or employee to act
in VAT matters
10.6 What if I do not wish
to appoint a tax representative or an agent?
11. Non-established
taxable persons (NETPs): imports and movement
of goods
11.1 Importation of goods from
outside the EC
11.2 Examples of how to determine
the place of supply of goods
11.3 Goods acquired from another
EC Member State and supplied in the UK
11.4 Should I be registered
if I am supplying goods to be installed or assembled?
11.5 Simplified procedure for
installed or assembled goods
11.6 Can I reclaim UK VAT if
I am not liable or entitled to be registered?
12. What happens after
you are registered
12.1 Help and information for
newly registered businesses
12.2 Visits by our officers
12.3 What should I do if my
registration details change?
12.4 What should I do if I
change legal entity?
13. Errors, late notification
and fraud
13.1 What if I get my registration
date wrong?
13.2 What if I notify you late?
13.3 What if I deliberately
avoid registering for VAT?
14. Statement of Practice:
Artificial separation of business activities
14.1 Introduction
14.2 Why the legislation is
required
14.3 The new legislation
14.4 How the new measures will
be applied
14.5 What Customs will consider
to be artificial separation
14.6 The meaning of financial,
economic and organizational links
14.7 How the measure will apply
in particular circumstances
14.8 Advice on proposed separations
14.9 Responsibility for issuing
directions
15. How to complete
application Form VAT1
16. How to complete
application Form VAT1A
17. How to complete
application Form VAT1B
18. How to complete
application Form VAT1C
19. How to complete
application Form VAT1TR to appoint a tax representative
in the UK
INPUT VAT is paid by
a business to another businesses on the supplies
that it receives (in this case it is, VAT on its
input supplies).
Generally a business is able
to recover its input VAT to the extent that the
input VAT is attributable to its taxable outputs.
Input VAT is claimed by setting it against the
output VAT for which the business is required
to account to the government, or, if there is
an excess, by claiming a repayment from the government. |
