How to Pay Restaurant Sales Tax in London
Sales Tax and Value Added Tax (VAT) are synonymous related to an obligation which HM Revenue and customs put on you to pay after specified interval for your restaurant business in British capital. If you own the restaurant, you will have to pay a sales tax on your products and services that are taxable. Sales Tax is your legal responsibility that should be completed in order to avoid any inconvenience that may arise otherwise. Government may take action against those who does not pay their sales tax, therefore it is important to be familiar with the process to pay Sales Tax in London. This step by step guide to Pay Restaurant Sales Tax in London will make the process easier for the tax payers.
Register For Sales Tax License
First of all you need to register you business with government and get Sales Tax License before you start making taxable sales legal. Visit the below given link to register your business with the government.
Click to Register Your Business.
Keep a record of Taxable Sales
Once you get your business register, you will be able to make taxable sales. Now you have to a keep a record of all the transactions that involves sales tax. It is because you will come to know on the end of year that how much Sales Tax you will have to pay.
Make a Sales Tax Liability Account
There is another easy way to keep a record of taxable income. You can make Sales Tax Liability account to keep the record in electronic system. In this way, you will be able to record a transaction when it takes place.
Decide the Term to Pay Sales Tax
You can decide the term on your own in which you can pay your sales tax. You can decide it as one month, two months, six or twelve months. However, it is better to pay your tax liability after every three months. It will help you keep record, maintain account and restaurant budget easily.
Make Payments Electronically
Once you are ready to pay your sales tax, you can choose electronic system to pay it. You will have to visit the HR Revenue and Customs website and log in using the user name and password, you used at the time of registration of your business.
After logging in, ask you bank to make a payment to the name of the Local Taxation Body. You will have to specify a month and date to your bank for which you want to make a payment. It will automatically withdraw from your bank account.
Payment through Debit or Credit Card
You can also pay your sales tax by Debit or Credit Card. Visit the HM Revenue and Customs Website to pay it by Debit and Credit card.
You will have to make an account in the website before you get an access to the portal where you can pay your sales tax using debit or credit card. Follow below given procedure to pay your tax after signing in:
a) Provide your name,
d) Select your service for example Maestro or Visa,
e) Enter Amount
f) Enter Credit or Debit card number,
g) Confirm the Transaction.
Other Payment Methods
You can pay your sales tax also by Cheque, Bank Draft or Money Order. You can ask your bank to make a Money Order, Bank Draft or can write Cheque in the favour of Local Tax Collector to pay Sales Tax for the Restaurant. In case you select Bank Draft or Money Order, take a slip from your bank and hand it over to the Local Tax Collectors. Your Sales Tax is paid.