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City of Portsmouth Meal Tax Bonds

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Coverage Amount: $1,000 - $25,000
Term Length: 1 year
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City of Portsmouth Meal Tax Bond Guide

If you’re applying for a business license to sell prepared food in Portsmouth, Virginia, you’ll need this surety bond. 

Bond Overview

  • Purpose: To guarantee proper reporting and payment of meal taxes 
  • Who Needs It: Any business serving food or drink, such as restaurants and caterers
  • Regulating Body: The Portsmouth Commissioner of the Revenue 
  • Required Coverage: $1,000–$25,000
  • Premium Rate: $12/$1k with a $100 minimum

Learn all about the bond requirements and process in this guide. 

What Is a Portsmouth, Virginia Meal Tax Bond?

A City of Portsmouth meal tax bond ensures that businesses correctly report and pay all food and beverage taxes collected from customers. 

The Commissioner of the Revenue will set your bond amount between $1,000 and $25,000 based on your meal tax collections:

  • New businesses: Estimated meal taxes for your first quarter of operation, according to your business license application
  • Existing businesses: The highest total meal taxes you collected in any quarter of the previous year

Your bond form depends on your business’s legal structure. 

How Much Do Meal Tax Bonds Cost?

A City of Portsmouth meal tax bond costs a flat rate of $12 per $1k of coverage, with a $100 minimum. You can also save 25% by selecting a multi-year term. 

Click below to buy your bond in minutes! 

Bond Type
$1,000-$25,000City of Portsmouth Corporation Meal Tax Bond
$1,000City of Portsmouth Individual or Partnership Meal Tax Bond

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees. 

Who Needs a Meal Tax Bond? 

The Portsmouth Commissioner of the Revenue requires this bond for restaurants, caterers and other businesses that serve prepared food or beverages, including alcohol, and collect the city’s meal tax.

How Do I Get My Bond?

With SuretyBonds.com, you can buy your City of Portsmouth meal tax bond instantly online. Just enter your information and checkout in minutes. 

We’ll mail you the bond via your preferred shipping method. Be sure to file it with the Commissioner of the Revenue as instructed. 

If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance. 

How Does a City of Portsmouth Meal Tax Bond Work? 

A meal tax bond creates a legal contract between these three parties: 

  1. Principal: You, the food business filing the bond
  2. Obligee: The Portsmouth Commissioner of the Revenue requiring the bond
  3. Surety: The provider issuing the bond

This holds you financially responsible for upholding the provisions of Portsmouth Municipal Code Sec. 35-407. 

If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you must ultimately refund the surety. 

How Do I Renew My Bond?

These bonds expire annually. To renew your meal tax bond, simply pay your renewal invoice when prompted. 

We’ll begin contacting you by phone and email 90 days before the expiration date. 

More Resources

Call 1 (800) 308-4358 to talk with a Surety Expert

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