preparation for Her Majesty's Revenue and Customs (HMRC) Value Added Tax (VAT) inspection in Great Britain as of November 2011. It notes that HMRC will confirm in writing the visiting officers' name and contact information, the duration of the visit, and the records needed to be on site....
Previously, HMRC said VAT certificates would be issued within 30 working days after VAT registration. However, this is no longer specified on HMRC’s website so this length of time may now vary. A copy will be sent to your HMRC online services account, which you can access with your Gover...
Next, record a VAT payment: Go to Taxes and select VAT. Click the dropdown menu next to the return. Press Record Payment. Choose the bank account you've used to pay HMRC. Enter the payment date and amount in the appropriate fields. Add a memo if needed. Select...
As a small business owner, there are some effective tax rates you are required to pay to HMRC each year. The percentage of tax that you end up paying depends on your earnings, so it’s also impacted by the type of business that you operate. But do you know what the marginal tax rate...
What is VAT? VAT stands for value added tax and it’s a sales tax collected on behalf of HMRC. The VAT part of any income never belongs to the business so it’s helpful to set it aside immediately in a separate account - with Starling, you can create a Saving Space for this. You...
Once the HMRC registers your VAT number, you must pay any VAT that you owe. Starting with the effective date of VAT number registration, you can charge VAT on sales invoices and reclaim VAT for purchases. Under voluntary registration, your business can register for a VAT number even if it...
The balance between the two is crucial to balancing your books. AsHMRC summarises: “If you’ve charged more VAT than you’ve paid, you have to pay the difference to HMRC. If you’ve paid more VAT than you’ve charged, you can reclaim the difference from HMRC.” ...
Ready to register for VAT but don’t know how? Learn what you need to do and when. Including things like choosing your accounting basis.
You might need to pay corporate income tax in each country if you maintain a permanent business presence in numerous places. Maintain individual supplier records: keep supplier transactions separated to ensure you pay the right amount of VAT (or similar tax) to the right agency. Keep thorough ...
You could use it to pay towards the next corporation tax bill. Alternatively, you could use the corporation tax repayment to pay off other taxes that your company owes (e.g. PAYE or VAT). Please note, if you do not include your bank details, HMRC will automatically use the money you’...