How To Register A Small Business For Vat
Select notice of registration 6.
How to register a small business for vat. There are two ways to register for vat. How to register for vat. Click sars registered details on the side menu 5. Buildings or vehicles or any exempt supplies. Vat registration is effective from a date agreed to by your local tax district and you after your completed application has been received by revenue.
This guide is also available in welsh cymraeg. Most businesses can register online including partnerships and a group of companies registering under one vat number. 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. Follow these easy steps. One of the major downsides to registering is the cost of compliance.
How to register for vat the easiest way is to register online using your business tax account. Online visit hmrc s website. Go to the organizations main menu 4. 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. Post you can get the relevant written forms from your accountant.
Remember that you must do this if your vat taxable turnover is over 85 000. Registering online is much simpler and means that you won t need to change your vat process in the future. Login to sars efiling 3. An agent can also register your business and deal with hmrc for you. Head to gov uk s registration hub to get started.
It is a list of businesses that must pay vat. Get the advice of an accountant before you register. All parties with the obligation to pay vat must be entered in the register. The threshold does not include capital assets eg. The register of vat taxpayers is maintained by the tax administration.