What Is VAT Registration?
VAT registration is the process of listing your business with the government as active in production and sales. After a business registers for VAT, it’s able to reclaim any VAT paid on company purchases and becomes responsible for: Charging VAT on any goods or services sold (and charging the right amount!)
How To Apply For VAT Registration In Uganda
Persons who make supplies that are Vatable and whose turnover exceeds UGX 150 million are required to register for VAT with the URA. VAT-registered persons are required to: Charge VAT whenever they make supplies that are Vatable. File monthly returns before the 15th day of the month following the reporting month.
What Are The Requirements To Register For VAT?
You must register your business for Value Added Tax (VAT) if the total value of taxable goods or services is more than Ugx 1 million in a 12-month period, or is expected to exceed this amount. A business may also register voluntarily if the income earned in the past 12-month period exceeded Ugx 50 000.
How Do I Apply For A VAT Number Online?
VAT vendors can also request and obtain a VAT Notice of Registration on eFiling:
- Logon to your eFiling profile.
- Go to the Organizations main menu.
- Click SARS Registered details on the side menu.
- Select Notice of Registration.
- Select VAT. To access this page in different languages click on the links below: Table of Contents.
Where Is VAT Applied?
VAT applies to practically all sales of services and imports, as well as to the sale, barter, exchange, or lease of goods or properties (tangible or intangible). The tax is equivalent to a uniform rate of 12%, based on the gross selling price of goods or properties sold, or gross receipts from the sale of services.
Can An Individual Register For VAT?
Vendors can be individuals, trust funds, partnerships, businesses, organisations, foreign donor funds or municipalities. You must register for VAT within 21 days of exceeding R1 million. Your business is eligible for voluntary VAT registration when you exceed Ugx 50 000 over the same period of 12 months.
What Are The Types Of VAT?
There are three categories of supplies that can be made by a VAT vendor: standard-rated, zero-rated and exempt supplies.
How Much Does It Cost To Get VAT Registered?
There is no VAT registration cost: you can use an accountant to complete your return, or file it yourself. Before you begin, you will need the following information to hand in order to register for VAT: National Insurance (NI) number or ‘tax identifier’ – a unique taxpayer’s reference.
Can I Register For VAT With No Turnover?
Businesses in the Uganda need to register for VAT only if their annual taxable turnover in the last 12 months or the next 30 days is greater than the VAT threshold.
How Long Does It Take To Get VAT Registered?
Within 30 working days
Getting your certificate.You should get a VAT registration certificate within 30 working days, though it can take longer. It’s sent either: to your VAT online account. by post – if an agent registers you or you cannot register online.
How Do I Register My New Business For VAT?
- Creation of e-Service Account.
- Login to your e-Service Account.
- VAT Registration Form: The online VAT registration form contains 8 sections as shown below, in under which the details need to be furnished for completing VAT registration. About the applicant. Details of the applicant.
What Are The Advantages Of Registering For VAT?
- You get a VAT registration number.
- You can claim VAT refunds.
- You can reclaim VAT from the past.
- You can improve your business image.
How Does VAT Work Example?
VAT can be shown on top of a price if it’s a business-to-business sale and will be shown within the price if it’s a direct or consumer sale. For example—a business sells a mobile phone direct to a consumer, the price is Ugx 901.87. If the rate of VAT is 20%, then the VAT included on this transaction will be Ugx 150.31.
How Far Back Can You Claim VAT After Registration?
4 years
There’s a time limit for backdating claims for VAT paid before registration. From your date of registration the time limit is: 4 years for goods you still have, or that were used to make other goods you still have. 6 months for services.