All You Need to Know About VAT Agent UK .pdf
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All You Need to Know About VAT Agent UK
Before getting into the details of VAT agent UK, you need to know what VAT is. Value added tax
(VAT) is a tax that is to be paid at every stage of production. It is also known as a multi-stage
tax. Moreover, this tax is also applied to the final stage. The amount of VAT which a buyer will
pay will be equal to the total cost of the product as it will be included in the total cost. For
example, whenever a television is manufactured, the producer has to pay tax for every supply
that was required for the manufacturing of television. After that, when the product is ready and
places on the shelf, the buyer will pay the tax as a part of the cost.
Registration for VAT:
Every business should register for VAT if it fulfils a requirement specified by the government.
However, you need to register for VAT if the total taxable turnover of your company is more
than £85,000 per year. Moreover, if your company will expect to over the specified threshold in
the next 30 day period.
Appointing a VAT agent UK:
You have the right to authorise someone on your behalf to look for all the matters related to
VAT in the form of VAT agent UK. An agent will be responsible for all the correspondence that
needs to be done with the HM revenue and customs (HMRC). You can have one of your choices
or you can also request HMRC for this service. However, in that case, the person who will help
in the VAT related issues must be present with you while an officer from HMRC will call you to
confirm whether you authorise that person to handle all the issues and processes.
The HMRC will correspond with the specified person for everything except for the tax bills and
the events. In case you did not specify a VAT agent UK, the HMRC will continue to write to you
about every related issues. A VAT agent UK can be someone from the following:
A tax advisor or a professional accountant
A relative or a friend
Someone who is hired from a voluntary organisation
For appointing a VAT agent UK, they have to use HMRC’s online authorisation service.
Moreover, they can also select the option of completing the form 64-8. After completing it,
they need to send it directly to HMRC. An agent can also be hired with the help of VAT online
services. When you ask someone you know to act as an agent for managing your VAT issues,
this is known as having a trusted helper. You are providing them with the authority to deal with
the VAT issues related to your business.
Responsibilities of VAT agent UK:
The VAT agent UK will be responsible for performing the following responsibilities on your
Registration for VAT or de-registering for VAT
VAT returns submission
Partial exemption calculation
Option to tax applications
Attendance at all HMRC visits
VAT penalty mitigation and negotiations
General correspondence with HMRC
A VAT agent can:
Check if you are paying the right amount of tax every time
Help you in identifying the total amount of income tax you need to pay
Check for an update on your personal tax account
Claim a tax refund on your behalf
Update or check the car tax of your company
Handle the registration process for VAT
Act as the tax agent or representative
Handle all the disputes with HMRC
Help in completing the VAT returns
Moreover, a VAT agent UK can also provide compliance services or commercial advice to the
companies. Moreover, they can also provide guidance related to the land and property matters.
Authorising an intermediary:
If you are unable to look for the matters of VAT of your business, you are allowed to hire an
intermediary for this purpose. The reasons behind not being able to look for the VAT matters
includes being ill or inability to understand the language. An intermediary can talk to the HMRC
on your behalf and answer all the related questions. They can also help you in filling the forms.
Hiring a VAT agent UK can be beneficial for your company as you don’t have to go through all
the processes on your own.