Rapid results with ROA VAT Solution

On 1 August 2022 HMRC overhauled the online VAT application system. Whilst these changes brought challenges across the board, over the last 12 months the ROA VAT Solution has successfully applied for new VAT registrations and quickly pivoted to meet the changing requirements of HMRC.

The current lead time for new VAT registrations is 40 working days, however, we have been successful in registering Owners for VAT within 50% of this time frame.

What do you need to know about applying for a new VAT registration?

Sole Owners

• Once you become VAT registered, if you are self-employed, all your activities will be subject to VAT.
• If you have a self-assessment UTR number, this will need to be provided along side your national insurance number for the purpose of the application.
• During the application process HMRC may ask for further information relating to a recent pay slip, P60 or latest self-assessment tax return payment.
• Any bank account in the sole owner’s name can be used in the application.

Partnerships & Syndicates

• All partners/syndicate members included on the D2 form will need to provide their self-assessment UTR numbers alongside their national insurance numbers for the purpose of the application. Failure to do so may result in a delay.
• The bank account provided on the application must be in the name of the partnership/syndicate. If the partnership/syndicate holds a BHA invoicing account, this may be used to receive repayments from HMRC.

Companies

• Companies will need to provide their company registration number, company UTR and details of figures from any tax returns submitted.
• The Director’s details will need to be provided for the VAT application.

Racing Clubs

• Requirements for racing clubs will be advised on an individual basis depending on whether they fall under S7.3 or S7.4 of The Scheme.

What to expect once you become VAT registered

HMRC now conduct an additional check of each first VAT return. Due to our MTD compliant processes we can turn around the information requested in the check within 12 hours of HMRC’s request, without the need to contact the client for further information. Once the first return has been submitted and refunded, subsequent VAT returns should be straightforward.

We charge just £30+VAT to administer the HMRC registration application. There is no fee to switch if you already VAT registered. Fees are invoiced after your first return has been submitted so there are no up-front charges.

Quarterly submission charges for ROA members start at £100+VAT for sole registrations and £135+VAT for partnership/syndicate registrations. If you have multiple VAT registrations we apply a 10% discount across all your registrations. The VAT element of these charges is then recovered in your subsequent VAT return.

For further details on our fees please visit our www.roa.co.uk/vat or contact our dedicated VAT team at [email protected] or call 01183385685 to speak with Davina or Glen.