VAT Registration in UK

Having your business being listed to the government as active business in production and sales is what called as vat registration. VAT registration in UK provides you with the facility to reclaim on VAT paid during the purchase.

Unique VAT registration number will be issued once you are successfully register for VAT.

Why to register for VAT?

The companies in UK with a turnover more than £85,000 are require to register for VAT. If you are not VAT register then you are liable to pay the VAT amount for all the purchases made. But VAT registered will make you able to reclaim on VAT paid for every purchase.

Companies with less than £85,000 turnover still do VAT registration. Well it has merit and demerit too. The advantageous element is you can make reclaim some of the VAT on goods and services acquire by the company. And also when you meet the range above £85,000, you will be able to save time and avoid difficulty of modifying prices to include the VAT rates.

The more you delay for VAT registration you will be liable for paying penalty. Penalty is dependent on how much the business owes. Also the late registration will make you liable for penalty.

So, hurry up and make your VAT registration in time. 

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How to register for VAT in UK?

Online registration can done. Businesses including partnership and a group of companies can register under one VAT number. Once VAT registered, businesses must submit their VAT returns to HMRC as on time.

Appointing accountants is the other convenient option to submit your VAT returns. Your accountant on behalf of your business will deal with HMRC, making sure that the VAT return is submitted as and when they are due.

If in case online registration doesn’t work, you can register in the following ways:

You must register by post using VAT1 if:

• you want to apply for a ‘registration exception’
• you’re joining the Agricultural Flat Rate Scheme
• you’re registering the divisions or business units of a body corporate under separate VAT numbers

Register by post using form:

• VAT1A if you’re an EU business ‘distance selling’ to Northern Ireland
• VAT1B if you import (‘acquire’) goods into Northern Ireland worth more than £85,000 from an EU country
• VAT1C if you’re disposing of assets on which 8th or 13th Directive refunds have been claimed

When you receive your VAT number from HMRC, you can sign up for a VAT account (select option ‘VAT submit returns’).

The above ways of registration is taken directly from https://www.gov.uk/vat-register this site.

If you don’t want to engage on your own and rather prefer to take service from professional accounts. We are here to deal with HMRC on behalf of your business.

 Connect with us, grab your phone and please call 0203 802 7810 Krishna Dahal, or email krishna@focusaccountants.co.uk .