How To Register A Small Business For Vat
The register of vat taxpayers is maintained by the tax administration.
How to register a small business for vat. Login to sars efiling 3. Post you can get the relevant written forms from your accountant. You must register your business for vat with hm revenue and customs hmrc if its vat taxable turnover is more than 85 000. If your annual turnover exceeds 82 000 the current threshold you must register for vat within 30 days of reaching this number. Go to the organizations main menu 4.
The threshold does not include capital assets eg. Once registered you ll receive a vat registration certificate confirming your vat number and when your first vat return and payment are due. How to register for vat. How to register for vat the easiest way is to register online using your business tax account. Head to gov uk s registration hub to get started.
Click sars registered details on the side menu 5. An agent can also register your business and deal with hmrc for you. Registering online is much simpler and means that you won t need to change your vat process in the future. By doing this you ll register for vat and create a vat online account. If you elect to register the effective date will not be earlier than the beginning of the taxable period during which you make the application.
All companies with an annual turnover greater than dh375 000 must mandatorily register and account for vat while businesses with an annual turnover of between dh187 500 and dh375 000 can voluntarily register. All parties with the obligation to pay vat must be entered in the register. Follow these easy steps. Get the advice of an accountant before you register. Buildings or vehicles or any exempt supplies.
One of the major downsides to registering is the cost of compliance. Select notice of registration 6. Remember that you must do this if your vat taxable turnover is over 85 000. It is a list of businesses that must pay vat. Online visit hmrc s website.