Q:

What is my VAT number?

A:

Quick Answer

A business owner can find his or her VAT number on the VAT registration certificate. The effective date of VAT registration and when to make the first VAT return payment is also listed on the certificate.

Know More

Full Answer

Any business making more than 81,000 pounds per year must pay VAT taxes. The only businesses exempt from the VAT tax are those that make less than this amount or those businesses that only sell exempt goods.

Even some North American companies must apply for a VAT number. American companies that regularly conduct business in a VAT country should obtain a VAT number, even if the company does not sell or purchase goods from these countries. Although this is legally required, American companies may be entitled to a refund on VAT charges. Companies obtaining a VAT form are required to complete regular VAT returns.

Once a company registers for a VAT number, it is responsible for keeping adequate VAT records, charging and paying the appropriate VAT tax, and promptly paying the correct amount of VAT due to the appropriate agency. However, while a company waits for a VAT number, it cannot charge VAT to its customers. Once a number has been received, VAT taxes can be charged and invoices can be reissued to customers.

Learn more about Taxes

Related Questions

  • Q:

    What is reverse charge VAT?

    A:

    The reverse charge on European Union Value Added Tax, or VAT, simply reverses the responsibility of recording a value added tax transaction from the seller onto the buyer of goods and services. The reverse charge VAT is intended to simplify VAT reporting and was added as part of the VAT reform of 1993, according to EU Vat Directive.

    Full Answer >
    Filed Under:
  • Q:

    What is the VAT calculation formula?

    A:

    The general formula for calculating the Value Added Tax is the base cost of an item multiplied by the appropriate VAT rate for the item, as detailed by HM Revenue & Customs. To calculate the VAT of an item when the VAT is already included in the price, divide the total price of the item by 100 percent plus the applicable rate of the VAT.

    Full Answer >
    Filed Under:
  • Q:

    What is the number for the IRS?

    A:

    The general IRS phone number to call for individual taxpayers is 1-800-829-1040. People who need general tax assistance for a business should call 1-800-829-4933. The IRS has several other contact numbers for individuals or businesses needing special assistance.

    Full Answer >
    Filed Under:
  • Q:

    What is a DBA number?

    A:

    A doing business as, or DBA, number is a number that corresponds with any alternate names or titles under which a company operates. In most jurisdictions, companies are required to register any DBA names they have with the proper authorities for tax purposes.

    Full Answer >
    Filed Under:

Explore