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....
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.” What are the VAT R...
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.
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...
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 ...
Be sure to file your VAT return by the deadline to avoid penalties. You can cancel your VAT Direct Debit any time by notifying your bank and HMRC. Additionally, HMRC VAT Direct Debit accounts may be cancelled due to inactivity after 13 months due to the Direct Debit dormancy period rule....
These companies or sole traders in business also collect or find and check each supplier’s VAT number to reclaim VAT paid on purchases, reducing the amount of VAT due to the government. The UK VAT system includes imported goods from businesses not based in the UK. Therefore, businesses in...
The VAT Return Every three months you are then required to submit a VAT return and pay any tax due to HMRC. If however the input tax for goods and services you have purchased is greater than the output tax you have charged to your customers, you claim that difference back as a refund....
of paying an estimated amount is that it removes the temptation of spending money owed to HMRC. However, there is a loss of cashflow if you pay the tax too early. In such a case, you need to take steps to obtain your corporation tax refund, if you have overestimated the tax due. ...
They should also state your business name, address, and contact information—and that of the seller—along with your VAT registration number. When you build a HMRC-compliant template, you’re ensuring that every invoice you despatch to your clients meets the minimum legal requirements. ...