City of Hampton Food & Beverage Tax Bonds
In Hampton, Virginia, businesses selling food and beverages need a food and beverage tax bond to guarantee they will proper collect and remit food and beverage taxes to the city.
Bond Overview
- Purpose: To ensure businesses collect and remit local food and beverage taxes
- Who Needs It: Food and beverage retailers in the City of Hampton
- Regulating Body: City of Hampton, Virginia
- Required Amount: $100–$100,000
- Premium Rates: 1–10% of the total bond amount, credit-based
Keep scrolling to learn how the bonding process works.
What Is a City of Hampton Food & Beverage Tax Bond?
The City of Hampton, VA food and beverage tax bond is required by the city to ensure that businesses pay local food and beverage taxes.
This bond guarantees the correct and timely payment of taxes, helping to prevent any underreporting or tax evasion by food establishments.
How Much Does the Food & Beverage Tax Bond Cost in Virginia?
The cost of a City of Hampton food and beverage tax bond varies based on the coverage amount, typically ranging between $100 and $100,000.
Your premium will be 1–10% of the total coverage amount, based on financial qualifications. Apply for a free bond quote below to see your exact rate.
SuretyBonds.com offers the lowest available rates available from our nationwide network of providers.
How Does a Food & Beverage Tax Bond Work?
By purchasing this type of bond, you enter a legally-binding contract between three parties:
- Principal: You, the business owner purchasing the bond
- Obligee: The City of Hampton, Virginia requiring the bond
- Surety: The provider issuing the bond
If your business fails to properly report and pay food and beverage taxes to the City of Hampton, the bond will cover damages up to the bond amount. However, the business is responsible for reimbursing the surety for all paid claims.
How Do I Get a Hampton, VA Food & Beverage Tax Bond?
SuretyBonds.com offers a quick and easy way to get your City of Hampton food and beverage tax bond. Just select your required bond amount and checkout through our online portal.
We'll mail the official bond form via your preferred shipping method. Select overnight if you're in a rush.
How Do I Renew My Bond?
You must renew your City of Hampton food and beverage tax bond before the current one-year term ends. These bonds are continuous until canceled, so you just need to pay your renewal invoice to remain active for another term.
Check out our How to Renew Your Surety Bond page for more information.
What Are the City of Hampton Food & Beverage Tax Requirements?
To comply with Hampton's food and beverage tax regulations, businesses must:
- Collect a 7.5% tax from each customer at the time of sale. This tax must be applied to the total charge and collected during every transaction.
- Remit all collected taxes to the City of Hampton by the 20th of the month following the month in which the tax was collected.
- Maintain accurate records of all sales and tax collections to ensure proper documentation for auditing purposes.
By following these steps, businesses ensure they comply with Hampton's tax regulations.
