VAT Retuns

VAT REGISTRATION AND VAT RETURNS

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VAT RETURNS Accountant
VAT Returns & Registration in London

VAT Returns & Registration in London - Online & Regular

VAT Returns

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What is VAT?

The VAT in UK is a tax that is applied at the point of sale in almost all parts of the UK. The rate of this tax varies from one part of the UK to another, although it is usually based on a standard rate. The main purpose of VAT is to allow the Government of the UK to collect taxes from consumers. VAT is charged on all types of products and services sold in the country. VAT is also applied to the price of imported goods. The price is generally quoted in terms of "pounds Sterling" depending on which currency is used in the country where the product is sold.

The rate of VAT is determined by legislation, which is called the General Excise Tax. VAT must be paid before the product can be sold to a consumer in the UK. There is a minimum rate of VAT which is usually set by law, but this minimum rate may differ from one area of the country to another. The "Standard VAT rate in the UK is 20%. 

VAT is charged on the items you buy in the UK. You are allowed to claim back some of the tax you have paid if your item of purchase is faulty or not as described or you are taking that product out of the country. This is known as a VAT refund. If you want to reclaim some of the money you have paid for VAT, you can apply for an application for a VAT refund.

In fact, most of the VAT laws are very complicated to understand so you need to take time to understand everything that you have to understand. If you don't know how to do this, then you can hire a tax accountant firm, who could help you with it. They will help you find the right type of account for you to use, and they will also help you to find out how you can make sure that you keep up with your payments. It is important to remember that if you are a small business, then you will be better off hiring someone else to do the registering for you.

 

One of the best ways on how to register for VAT in the UK is to go online and do your research. There are many sources online that offer you the needed information about the process. You can also check the official website of the government for more details about the procedure. Once you know everything that you need to know, you will be able to register yourself for the right amount of tax that you deserve for your hard-earned money. If it sounds complicated

we are here to help you.

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How to File VAT Returns 

You can file your VAT returns online. However, if you’ve signed up for ‘Making Tax Digital for VAT’, you cannot send your returns online. There are two separate procedures of filing your VAT returns online; if you have a Company Voluntary Arrangement or an Individual Voluntary Arrangement.  

VAT Registration & Returns

VAT

What is VAT ?

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How to Register For VAT 

You have to register for VAT if the turnover of the VAT activity exceeds £ 85,000. So it is important to know how to register for VAT in the UK. But before you get started, make sure you do all the necessary preparations. Since there are many factors that would determine the amount of VAT you have to pay.  You have to prepare them well so that you won't end up getting stuck in the wrong VAT calculation. Make sure you read all of the terms and conditions and regulations carefully in this regard so that you will be able to avoid any surprises.

The first thing you need to do when trying to understand how to register for VAT in the UK is to find out if you can actually do so. This is because you will probably have to have an account for VAT, which could be done online.

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Pro Tax Accountant knows all the details of the tax code that has to be followed by his client for getting himself registered for VAT and the filing the VAT returns. Our experts are well aware of the regulations regarding VAT registration. We also know very well about the rules on the type of information that should provide preparing the VAT return.

All you have to do is to go to our quotation page and fill up this FREE form and send it, and that is it. 

Once you have submitted this form, an expert from the VAT department of our office, will review your requirements and send you a proposal for your consideration. This will include our basic plan for your company and the cost of it. You can approve the proposal straight away or come back to us with any further questions or clarification requirements. 

How Pro Tax Accountant can Help You in VAT Return

When you are in the UK you can find a number of opportunities to help you out with outsourcing your VAT returns. Outsourcing your VAT returns submission means using the services of a VAT consultant or VAT accountant, who is professionally capable to handle it.  

Pro Tax Accountant understands this very well. That is why we fully understand that as your VAT accountant, we will be responsible for the preparation of your VAT return and also have to prepare all the financial records in the most professional way.

Frequently Asked Questions Regarding VAT in the UK

How Can I Register for VAT in the UK?


When your annual sales reach £ 85,000 you will need to register for VAT. To register for VAT, you must apply to HM Revenue & Customs (HMRC). You should receive a VAT registration certificate within 14 working days. However, it can sometimes take longer. So if you want to register of VAT, you should fill out the registration application as soon as possible. However, an accountant or agent can do this for you if you wish. For further details, try the government website here.




What Goods and Services are Exempt from VAT in the UK?


There are some goods and services that are not subject to VAT, including:

  • Insurance, finance and credit
  • Education and training
  • Charity fundraisers
  • Subscriptions to member organizations
  • Selling, leasing and renting commercial land and buildings - this exception can be waived

These items are exempt from VAT and therefore not subject to tax. Sales of exempt goods or services do not count towards your taxable sales for VAT purposes. And when you buy tax-exempt items, you don't have to reclaim VAT.




What is a VAT Invoice?


A VAT invoice enables a business to bill its customers in the UK for VAT. A VAT tax invoice is a specific type of invoice issued when a sale is subject to sales tax. Only VAT registered businesses should issue VAT invoices, and this is only mandatory if your customer is also VAT registered. Businesses that are not registered for sales tax should never collect sales tax and should always issue standard invoices instead of VAT tax invoices.




Can one sell Online Without a VAT or any other Registration?


Any business owner who wants to sell online often comes across the word "VAT registration". People are often confused as to whether or not to get one. Is it beneficial to them or not?

Doing business online, requires you to register taxes and VAT tax to ensure that everything you do is legal. If you don't, you risk serious fines or even jail sentences. If you work internationally, additional regulations may need to be considered.




How do you Check a VAT Number?


There are many ways to verify your VAT registration number, but one of the best is to verify it through the HMRC's official helpline. HMRC has a complete database of VAT registered companies. So if you have any doubts about a VAT registration number, you should call their VAT hotline on 0300 200 3719 or 0300 200 3700, which is open Monday through Friday from 8:00 a.m. to 8:00 p.m.




Do Businesses Make a Profit on VAT?


NO, VAT is not a profit for all businesses. It stands for value-added tax, a type of tax that is incrementally imposed and imposed on the price of a product or service at any stage of production, distribution, or sale to the final consumer. All established businesses are required to collect VAT in accordance with the local jurisdiction for that particular item or service.




How does VAT Compare to other Taxes?


After the "income tax" and "national insurance contributions", VAT is the largest income generator of the UK during 2018-19. Which makes it the third biggest income generator of the UK. Income tax, national insurance contributions and VAT together raise more than half of government tax receipts.




How do I apply for a tax refund (UK)?


If you are not a British resident, you can find online VAT refund form and use this form and follow the instructions to request a VAT refund. For further information, click here.




What is VAT?


Value-added tax or VAT is a general tax, levied on the value of goods and services. It applies to goods and services that are bought and sold for consumption. Value Added Tax (VAT) is levied on a product at every stage of its manufacture where it adds value, from initial manufacture to sale. VAT was introduced in 1973. The amount of VAT is paid by the user based on the cost of the product. The amount of value added is first determined at each level and then taxed. Ultimately, the end consumer has to pay the full VAT when purchasing goods.





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You will need a VAT number and an online VAT account to file your VAT returns in the UK. You can submit your VAT Return through HMRC’s online service. These returns can also be submitted through approved commercial accounting software. However, due to the non-availability of complete relevant information, and the fact that some people feel that they do not receive the correct tax refund because of this incomplete information, it is advisable to hire a professional accountant to file VAT on your behalf.

The UK is no longer a tax haven. Rather, the system has been designed to help simplify the taxation of people who live in the country, sending out an electronic VAT form online every year to be filled by the concerned individuals/companies. This form contains all the details regarding the person's financial status, which enables the authorities to get information of any changes to the person's financial position. Furthermore, the system allows the authorities to collect accurate data that they can use to assess the person's liabilities or assets. So you MUST be very careful when filing VAT returns.

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VAT Registerantion

PTA - Your VAT RETURNS
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