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fox7771

VAT Number Requirements for Retrospective Tax Registration - 6 views

started by fox7771 on 19 Aug 24
  • fox7771
     
    Hi everyone, I'm running a small business and have recently realized that I should have registered for VAT quite some time ago. I'm concerned about the implications of not having done this earlier and wondering if it's possible to register for VAT retrospectively. If so, what are the steps involved, and what kind of penalties or backdated payments should I expect?
  • orion43
     
    VAT registration process can be daunting, especially if you've missed the deadline. Yes, it's possible to register for VAT retrospectively. You need to ensure that you provide accurate records of your business activities from the time you should have registered. One crucial thing to note is that you'll need to calculate the VAT on all the sales you made from that point onwards and potentially pay it back. Additionally, the HMRC will issue a vat number once your registration is approved, which you'll need to include on all future invoices. You might also face some penalties, but if you show that this was an honest mistake and you're making efforts to correct it, they might be more lenient.

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