VAT - Consequences of Registration

Question 1

What is the first consequence of registration?

Answer 1

Have to charge output VAT on taxable supplies

Question 2

What is the second consequence of registration?

Answer 2

Have to quote the trader’s allocated VAT registration number on all sales invoices

Question 3

What is the third consequence of registration?

Answer 3

Have to file a VAT return for their allocated ‘tax period’

Question 4

What is the fourth consequence of registration?

Answer 4

Have to maintain strict VAT records, which HMRC require you to keep for six years