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VAT Registration and VAT Return

Capitalite Limited can assist you in applying for a VAT Registration Number. By registering, your business can claim its input vat paid on its purchases and can charge output vat on its supplies.

There are two types of registration:

Compulsory Registration:

If a business taxable supplies the threshold during the previous 12 months it must register for VAT. The business becomes legally responsible for registering for VAT. This is called compulsory registration. However, VAT registration is not required if taxable supplies in the following 12 months will not exceed the threshold.

A business must also register for VAT, If they believe that taxable supplies will exceed the threshold during the following 30 days.

You must register within 30 days of your business turnover exceeding the threshold.

Voluntary Registration:

As the name suggests, A business may decide to voluntarily VAT Registration even when taxable supplies are below than registration. This is called voluntary registration.

However, once registered for VAT, you will have to:

  • -account for output tax on all your taxable supplies
  • – keep proper VAT records and accounts
  • – send in VAT returns regularly even if you are not trading.

You are supposed to make your submissions to the HMRC on a quarterly basis. You need to submit your VAT return within one month and seven days after the end of the respective quarter.

Late VAT registration, errors, late VAT returns and late VAT payments can all lead to penalties. It’s better to let a professional handle this for so you don’t have to worry. We can review your VAT records and provide assistance with all your VAT reporting by monitoring your business for any potential VAT problems.

This includes liaising with H M Customs & Excise on your behalf and provides a general support facility for your company.