VAT Registration is required or Not? Need of VAT Registration
Posted by bennygala on April 27th, 2018
VAT registration is a process to submitting your business to government for the purpose of informing that you are active in production and sales. Accounting is not easy task to reporting your tax.
Some Factors which is needed to follow after VAT registration:
There are some factors are written which is needed to follow
You can charge vat when you are selling goods or services
You can pay any VAT due to HMRC
Submit quarter vat return
Keeping your vat record or account
Eligibility for VAT Registration:
When your business turnover exceeds £85,000, you will be responsible for vat registration. If you failed to fill vat within 30 days; you will be face a fine.
Benefits of VAT Registration:
If you are registering vat it means you are ensure that you want to grow in business. To create positive impact about your business awareness. If you registered your vat; you can reclaim VAT to purchase make.
The main benefit of your vat registration is that if your business falls in any case you can reclaim for your business; it does not matter business is big or small.
You can reclaim any vat which you charged on your goods and services.
The tax you pay on your goods and the tax you collects from your customer if paying tax is high from collection tax you can reclaim to HMRC for the remaining tax.
The money which you get returns is called VAT return. When you will claim for pay vat is exceeded from collected vat; you will receive returning vat money.
Advantages or Disadvantages of VAT Registration:
It is advantage to register vat for repayment to HMRC. It may be weighed that you will charging output taxes different goods and services. Your account so lengthy but vat registration gives you advantages in business.
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