Once you have registered for VAT with HMRC you will be sent the following:
- A VAT Certificate showing your registration date and VAT number
- Information on when you need to submit your first VAT payment to HMRC
Note that you can still voluntarily register for VAT if your turnover is less than £85,000 unless everything you sell is VAT exempt.
When you are registered for VAT you have certain compliance obligations with HMRC and if you make errors on your returns, submit them late or fail to make payments on time you will be charged penalties, surcharges and interest by HMRC. This is why it is good to get a qualified accountant to take care of your VAT obligations as they will help you remain compliant.
If you think you need to register for VAT with HMRC you will need to know certain information before you start your application. This includes the following:
- Your annual turnover in the last 12 month period
- The type of business activities you undertake
- Your business bank details
HRMC have made huge strides in the last few years with transitionin to a more user friendly and online service with their making tax digital program. these include the integration with key accounting and bookkeeping platforms like Sage, Zero and Quickbooks. This has drastically reduced the amount of time it takes to manage your VAT obligations in order to remain compliant. If you need a hand managing your VAT please reach out to Chomp Accountants and we will discuss the best and most cost effective option for your business.