I currently have a full time job, so i'm guessing my tax ID number will be on my wage slip information?
I can only seem to find info about tax but USA lingo, Not the UK, i guess we do things differently in the uk.
Is anybody else from the UK can help me? i need to get approved for drop shipping but i need my tax ID number and need to legit.
Thanx in advance.
Hello, Phillip. The Tax ID number on your wage slip will be your income tax ID, which has nothing to do with VAT and VAT number. It's the latter that you need as part of any kind of business selling anything. You have to register with HMRC for VAT to get a VAT number, and then your store needs include 20% VAT on every sale, which you report and transfer to HMRC quarterly (but you can also deduct VAT on anything you've bought for the business).
If your expected income from sales is less than c.£79,000 then you don't have to register for, or charge VAT at all, and don't need a VAT ID. You do, of course, still have to report the earnings form your retail business on a self-assessment tax return for income tax purposes (which you probably don't bother with at the moment as all your income tax is deducted automatically via PAYE).
See this for more info: http://www.hmrc.gov.uk/vat/start/register/when-to-register.htm. Or find a local accountant who will help steer you through this maze!