How to Pay Sales Tax for Pubs & Bars in London
In London, sales tax is normally referred to as Value Added Tax (VAT). In the case of pubs and bars, the major taxable product is alcohol. If you own a Pub or a Bar in London or plan to open one and have some confusion on paying your sales tax or you are paying Tax for the first time, this article will guide you with the process of paying off your legal responsibility. As a pub or bar owner you must make sure to pay your taxes because you will be scrutinized by the government. Any delay in payments or other disparities can lead to legal action or closure of your bar or pub. We have outlined two methods to file your returns: online and by hand. The online application is faster and can save you time but the older method of manually delivering applications works just as well.
Instructions
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1
Register for Sales Tax License
In order to start making taxable sales legally, it is mandatory to register your business and get Sales Tax License. You can receive the license by contacting UK's Department of revenue.
Click here to get your business registered on the government online portal.
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2
Keep a record of Taxable sales
After you have started making taxable sales, the second thing is to keep a record of all the transaction involving sales tax. This will help you to determine the total amount of Sales Tax to be paid.
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3
Form a Sales Tax Liability Account
The best way to keep a record of taxable sales is by maintaining a Sales Tax Liability account. Maintaining an account will help you record a transaction as it takes place.
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4
Decide the term to pay Sales Tax
You can pay your sales tax monthly. However it is necessary to pay your tax liability at least quarterly to the state's department of revenue.
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5
Make Payments electronically
The easiest and safe way to pay sales tax is by making payments electronically. The governing body of taxation in UK, HM Revenue and Customs, also encourages electronic payments. To make your payment online click here and you can log in by providing your username and password.
Paying Method: Specify a month or a date to your bank to make the due payment in the favour of a local taxation body when you want to make your sales tax and it will be automatically withdrawn from your bank account .
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Make Payment through Debit or Credit Card
Another easy way to make payments is throughout your debit or credit card. You can make your payment on the HM Revenue and Customs website.
Paying Method: In order to make payment via debit or credit card, first you have to create an account with the website. After signing in, following information will be required to pay with a debit or a credit card.
(a) Provide personal information which will include your complete name, phone number and address.
(b) Select Maestro or VISA from which you want to make payment.
(c) Enter the specified amount
(d) Enter the credit or debit card number with its security code.
(e) Confirm the transaction. -
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Other Payment Methods
Other payment methods include Cheque, Bank Draft and Money Order.
Method: All three payment methods are directly related with your Bank. Either write a cheque in the favour of the local tax collector or direct your bank to make a bank draft or money order to pay your sales tax.
In case of band draft and money order, the bank will provide you a slip which you have to hand over to the local tax collector. From there, your responsibility is over.
. In the case of pubs and bars, the major taxable product is alcohol. If you own a Pub or a Bar in London or plan to open one and have some confusion on paying your sales tax or you are paying Tax for the first time, this article will guide you with the process of paying off your legal responsibility. As a pub or bar owner you must make sure to pay your taxes because you will be scrutinized by the government. Any delay in payments or other disparities can lead to legal action or closure of your bar or pub. We have outlined two methods to file your returns: online and by hand. The online application is faster and can save you time but the older method of manually delivering applications works just as well.Next%20stop%3A%20Pinterest "Pin It")
