uk-contact-numbers releases an Infographic 'VAT Registration, Things to Know'
UK-contact-numbers has released an Infographic delineating the important things to know about the VAT registration. Value added tax or VAT which it is commonly known as is the indirect tax levied on the buyers and sellers in the UK. This tax is prorated and collected by Her Majesty's Revenue and customs authority.
- (1888PressRelease) February 11, 2016 - London -The released Infographic is a crafty attempt to unravel the questions about the registering procedure for the VAT.
The business with a taxable turnover of more than £82,000 needs to register with HMRC for VAT. The taxable turnover refers to the total value of the sales not exempted from the VAT. At the time of registering, a Registration Certificate is sent to the business which states its VAT number and deadline to submit the first VAT Return and the payment. Until this number is received the VAT cannot be charged and shown on the invoices, however, still VAT has to be paid to HMRC for this waiting period.
The registered businesses have responsibilities such as calculating the right amount of VAT, submitting the VAT returns and records, and pay any due amount to the HMRC.
Registration can be done online by opening a Government Gateway account. Companies under partnership and multiple businesses can register under one VAT number. There is also a leverage of appointing the agent, who can deal with HMRC, on the behalf of the business. After the receipt of the VAT number, a business can sign up for the online account.
The details of the turnover, bank details and business activities need to be provided at the time of the registration. The date at which registration is completed is known as the 'Effective date of registration'. The VAT Registration Certificate is received within the 14 days, sometimes longer.
In the case of any dubiety, visit UK-contact-numbers.
About UK-contact-numbers: UK contact numbers is an online directory that lists telephone numbers for the main contact centers in the UK. It is a unique directory that saves the customers from the grueling pain of crossing hurdles while reaching for the customer care centre of any department.
It has enabled the users to find numbers of major government departments, service providers and companies facilely. The callers get directed to right customer service agents at the very first attempt.
Contact: http://www.uk-contact-numbers.com/vat-helpline/
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