Expansion to UK – Part 2 : Interium VAT Payment

So, basically I’ve not even sold anything in UK, and I’m already due for a interium VAT payment of £900. Gee.

I’m under the annual accounting scheme. You can join the scheme if your estimated VAT taxable turnover is £1.35 million or less.

Under this scheme, I’m required to make advance VAT payments towards my VAT bill – based on my last return. Since I’m new to VAT, it’s an estimate based on my projected turnover when I submitted my VAT application.

Wished someone had told me that -.-

Anyway, when I submit my actual VAT return, I will either top up the difference between this advance payment, or apply for a refund if I’ve overpaid. Which, at this point, is definitely overpaid. But hopefully, it will be topping up the difference when it comes to the actual payment 😉

So to make payment using credit card, first go to https://www.tax.service.gov.uk/pay-online.

Select the tax

In this case, select VAT.

register-vat-1

Payment Details

Enter your payment details. You should have received the relevant info from HMRC.

register-vat-2

Choose Card Type

Take note that there is a fee to for using Credit card for payment.

And it’s cheaper to use a personal credit card, rather than a corporate one.

register-vat-3

Confirm Amount

Confirm the amount and all the information. Make sure it’s correct.

I’m using a Visa credit card in this case. It’s a personal card. Fees are 0.415% in this case.

Click “Confirm” once you are done.

vat-payment-a

Key in Payment details

Key in your card details and your email address if you wish to get an email confirmation.

Click “Make Payment” to proceed.

vat-payment-b

Payment received

Next, you will come to this page. You have the option to either print the page or download the PDF.

vat-payment-c

And you’re done!

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