Sample draft. This article is illustrative content awaiting review and approval by the firm. It is not published guidance and should not be relied on as advice.
Do you need to register?
Whether registration is mandatory depends on factors such as your turnover, what you supply, where you supply it and how you sell, for example through an online marketplace.
The applicable limits and conditions are set by law and are revised from time to time, so check the current position for your type of business before deciding.
What you will typically need
Applications generally ask for documents covering the business, its owners and its premises.
- PAN of the business and identity details of its owners or directors
- Proof of the principal place of business
- Bank account details
- Constitution documents, such as a partnership deed or certificate of incorporation
Choices that affect ongoing compliance
Some decisions made at registration shape the work that follows: how your goods or services are classified, whether any special scheme applies to you, and how invoices will be issued and recorded.
It is worth setting up invoicing and bookkeeping so that the figures needed for returns come directly from your records.
After registration
Once registered, a business must file periodic returns, including for periods with no transactions, and reconcile its purchases with what suppliers have reported.
Building a simple monthly routine for this from the outset is far easier than correcting a backlog later. This article is general information and not advice for your specific circumstances.
Information on this site is for general awareness only and does not constitute professional advice or solicitation.