 |
Free Download - How To Sell A Website By Timur Sultanov |
Once you have sorted out how it applies to your business, and you have organised a system of record keeping to deal with it, VAT should not be a problem to administer. All the leading accounting software handles VAT accounting records automatically, and there are many helpful sources of advice to make sure you do it correctly right from the start.
What goods and services are subject to VAT?
All goods and services are potentially subject to VAT, but for VAT calculation purposes there are four categories:
Standard rated.
Reduced rate.
Zero rated.
Exempt.
Accounting for VAT. The extra record keeping
Once you are registered you will need to keep VAT records. But this is not normally a big task once you have a system set up and, as already stated, computer accounts programs do the maths for you.
Even if the accounting for VAT frightens you, calculate the savings to be made on expenses, and consider whether it may be beneficial to employ a bookkeeper for a few hours a week.
Taking over from die previous owner
If the existing owner is already VAT registered, you can: either apply to take over his registration or you can apply for a new registration in your name. It is always advisable to start a new registration in case there is any 'baggage' with the old one.
If the business is registered voluntarily, and you have concluded that you prefer not to register, there is no need to do so. The only difference is that as you are not registered the vendor will have to charge you VAT for any goods he sells to you that are subject to VAT. This would include VAT on any stock and assets you are taking over, as well as the price for the goodwill, and which could add substantially to the amount you will need to pay over at completion. It might pay to register for VAT for at least a while to be able to avoid such VAT being added to the business purchase costs, but you should take your accountant's advice on this.
VAT an Overview - To learn more about this author, visit Timur Sultanov's Website.
Like this article? Share it with your friends
| Article Tags: |
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
Leanne Hoagland-SmithExecutive consultant, sales coach and speaker, Leanne Hoagland-Smith, partners with innovative and crazy busy leaders who want to dramatically improve their team results. What this looks like differs for each firm and why a free strategy session is offered just by calling 219.759.5601 CDT USA to have a conversation about the results you are seeking. If you prefer you can forward a request to coach@processspecialist.com Her book, Be the Red Jacket is a no-nonsense and quick read to help discover potential gaps that may be keeping you from your goal to increase sales. The forward is by Evan Carmichael of EvanCarmichael.com Remember if you think you cannot or you think you can either way you are right. (Henry Ford). Sales Coaching Tip: Change your thoughts; improve your results. - Visit Leanne Hoagland-Smith's Website |
|||
Joe EvansJoe Evans serves as the President and Chief Executive Officer of Method Frameworks.
Method Frameworks serves Commercial enterprises with strategic and operational planning solutions using the firm’s proprietary Plan4 process. Visit Method Frameworks at www.methodframeworks.com.
Joe is a published author, frequent speaker and recognized expert in corporate strategic planning . Want more corporate strategic planning insights? Read Joe's blog. Also, request to join the "Strategic Planning Xchange" now by following this link to the Strategic Planning Xchange. - Visit Joe Evans's Website |
|||
Canada MortgageMarcus Arkan currently serves as the President/Principle Broker of a Canada Mortgage brokerage called Syndicate Mortgages Inc. After working with a number of Canada's top financial institutions, the experience and knowledge he gained throughout his professional career combined with his drive and entrepreneurial spirit led him to develop his own company. The operation began in 2003 in the basement of his home and now has flourished into a successful corporation with a head office in one of Metropolitan Toronto's busiest sectors and 10 branch locations employing over 100 mortgage professionals. His organization is now one of Ontario's leading mortgage brokerages specializing in residential, commercial, and construction financing. He holds the designation of Accredited Mortgage Professional from the Canadian Association of Accredited Mortgage Professionals. This allows him to differentiate himself from other mortgage originators and demonstrates his commitment to the highest standards of industry performance and help to achieve the best mortgage rates Canada for Canadian consumers. For more information on Mr. Arkan and his Syndicate Mortgages Inc., please visit www.syndicatemortgages.com. - Visit Canada Mortgage's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 |
Subscribe to Timur's articles
|
|
|
Financial Loan for Your Business - EvanCarmichael.com expert Timur Sultanov discusses how to get a financial loan to start a new business. First step is to find a business that you think can be a heavy earner! Many people think of taking a loan as the hardest decision of their life.
|
|
 |
||
 |
||
 |
||
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
Learn how you can be one of the most recognized companies in the world like Ray Kroc, founder of McDonald's. |
 |
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
 Predict Sales Turnover Building Business Relationships Your Communication Style Test Self-Employment Guide Business Plan by Harlan A. Friedman, author of GET Your Loan Closed! |
 |
Top 50 Productivity Blogs
Top Blogs To Watch In 2008 | |
 |
Top Social Business Blogs
Top Social Entrepreneur Blogs | |
| ||||
| ||||
| ||||
| ||||
|
|||||||||
|
|
