How To Register A Small Business For Vat
Most businesses can register online including partnerships and a group of companies registering under one vat number.
How to register a small business for vat. All parties with the obligation to pay vat must be entered in the register. Login to sars efiling 3. This guide is also available in welsh cymraeg. How to register for vat you can register for vat online at the government s website. You must register your business for vat with hm revenue and customs hmrc if its vat taxable turnover is more than 85 000.
An agent can also register your business and deal with hmrc for you. One of the major downsides to registering is the cost of compliance. Go to the organizations main menu 4. Select notice of registration 6. Click sars registered details on the side menu 5.
Head to gov uk s registration hub to get started. Follow these easy steps. There are two ways to register for vat. Post you can get the relevant written forms from your accountant. Registering online is much simpler and means that you won t need to change your vat process in the future.
Once registered you ll receive a vat registration certificate confirming your vat number and when your first vat return and payment are due. 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. 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. If your annual turnover exceeds 82 000 the current threshold you must register for vat within 30 days of reaching this number.
By doing this you ll register for vat and create a vat online account. The threshold does not include capital assets eg. 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. Remember that you must do this if your vat taxable turnover is over 85 000. Online visit hmrc s website.