VAT REGISTRATION AND VAT RETURNS
What is VAT?
The VAT in UK is a tax which 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.
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.
How to Register For VAT
Many of you have already started making plans on 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 prepare them well so that you won't end up getting cheated in the future. Make sure you read all of the terms and conditions and regulations carefully 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.
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, who could help you with it. He will help you find the right type of account for you to use, and he or she 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.
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
What is VAT ?
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 forma and send it, and that is it.
Once you have submitted this form, an expert from the payroll 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 can Pro Tax Accountant 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.
VAT REGISTRATION & RETURNS
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.