VAT registration and administration

Jordans can provide VAT registration as well as completion and filing of VAT returns.

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In the UK a business must apply to be registered for VAT if its turnover (within the scope of UK VAT) is in excess of the threshold per annum. However the business may apply for voluntary registration where anticipated turnover is below this threshold if it can demonstrate a commercial reason for requiring VAT registration. It should be noted, that to obtain registration for VAT in the UK, the company must demonstrate that it is making a taxable supply of goods or services in, or from, the UK. Alternatively the company must demonstrate that it is making supplies abroad that would be taxable supplies if made in the UK and the company is being charged input VAT. It is worth noting here that non established traders should be registered if they are importing into the UK. They do not have the benefit of a threshold.

Once registered the company must complete quarterly VAT returns and, where appropriate, EC sales lists and intrastat declarations. Any VAT due to Customs must be paid during the month following the end of the VAT quarter. Penalties are imposed when returns are submitted late. Any refunds of VAT due are made automatically into the UK bank account of the registered business. Once registered, HMRC can exercise their rights of access to the books and records of the business at any time, in order to check the accuracy of the VAT returns.

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