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Where can I find my VAT number and registration information?

by Intuit•48• Updated 1 year ago

A VAT number–also known as a VAT registration number–is a unique code assigned to every business registered for VAT.

When you register for VAT, you'll be given a VAT number by HM Revenue and Customs (HMRC). This number is used for tax purposes and to help identify VAT-registered businesses.

Once you've completed the VAT registration process, you'll receive a VAT registration certificate to confirm your company's information. This document will include:

  • Your business's unique VAT number
  • The effective date of registration (this is the date from which VAT needs to be charged on VATable sales)
  • Details of when to submit your business's first VAT Return and payment

You should have been sent your VAT certificate by HMRC when you registered for VAT. You can also access it online through your Government Gateway account.

When you register for VAT with HMRC, you'll automatically be put on the Standard VAT Accounting scheme. These schemes can impact not only when you calculate your VAT but also how you calculate the VAT your need to pay HMRC, so it's important that you choose the right scheme for your business. Don't worry, we'll explain the main schemes in more detail later on.

You also need to tell HMRC if you want to be part of any special schemes such as the Flat Rate Scheme. If you haven't chosen to join the Flat Rate Scheme, you can skip any references to this during your QuickBooks Online set up.

The main schemes are 'standard', 'cash' and 'flat rate'. Here's a quick overview of each one.

1. Standard VAT Accounting Scheme

On the Standard VAT Accounting Scheme (also known as accrual), you must pay HMRC the difference between the VAT amounts on your sales invoices and purchase invoices as they happen, regardless if they've been paid or not. This is usually from the date of the invoice.

This scheme is available if your annual income is £1,350,000 or more.

2. Cash Accounting Scheme

If you choose the Cash Accounting Scheme, you must pay and reclaim VAT only on sales invoices and purchase invoices that have already been paid. This scheme helps with cash flow because you aren't paying VAT to HMRC on invoices that your customers haven't paid you for yet.

This scheme is available if your annual income is less than £1,350,000.

3. Flat Rate Scheme

If you pay a fixed VAT rate to HMRC on paid invoices only then you're using the Flat Rate Scheme. This means you:

  • pay a fixed rate of VAT to HMRC
  • keep the difference between the VAT you charge your customers and the fixed rate you pay to HMRC
  • cannot claim back VAT on purchases for your business–except for certain capital assets over £2,000

You can only join the scheme if your VAT turnover is £150,000 or less (excluding VAT). If you decide not to use the flat rate, you can skip any references of the scheme when setting up your QuickBooks.

Before you can prepare and submit VAT Returns in QuickBooks, make sure to set up your VAT settings first. This will let Quickbooks know which VAT Return to include your transactions in and at what rate.

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