You may need to register for VAT once you have set-up your company. This can be on a compulsory basis or voluntary basis depending on your turnover. Once you have completed your VAT application, you will be supplied with a VAT number.
Currently (as at Jan 2010), if you have made taxable sales within the last twelve months of £68,000 or more, or you will be within the next 30 days alone you will need to register for VAT on a compulsory basis. There may also be reasons to register voluntarily, such as to show that you are tax compliant or to give the impression that you are a large and established business. In order to get a VAT number you must register with HM Revenue and Customs by filling in an application form (either on paper or online) and assuming that your application is successful, they will provide you with a number.
It is usually best to have a professional help you with your VAT registration. This is because they will be able to offer you advice about whether you need to register for VAT and can complete the registration for you. There are a number of reasons why HMRC may seek further information and a professional will help you to avoid this delay if possible, using their experience of registering many other businesses. If you have a relationship with a Chartered Accountant from when you initially decide to register for VAT it will be easier for you to arrange for them to help you with your VAT returns and other tax matters. In addition, they will be able to explain exactly how the VAT system works and the relevant rules that you will need to follow in order to remain complaint.
Wisteria Formations can complete your VAT registration for you if you select this option during the online company formation application process. We are highly experience in registering new businesses for VAT and can help you to ensure a smooth registration process. You can complete your company registration here: www.wisteriaformations.co.uk
For more information about VAT registration and VAT returns visit: www.wisteria.co.uk
