Feedback Form
Home Features Mastermind Forums About Advertise Blog Network Contact Be An Author
VAT - an Overview
Free Download - How To Sell A Website By Timur Sultanov
Name: Email:

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:

Article Feedback
 Article Feedback No article feedback found.
  Leave Your Feedback
article feedback

Article Feedback
Leanne Hoagland-Smith
Executive 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 Evans

Joe 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 Mortgage
Marcus 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.



Timur Sultanov
(Visit Timur's Website)


Timur Sultanov is a Gold author on EvanCarmichael.com


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.


Timur Sultanov's

Complete
List Of
Buying-A-Business
Articles

Name
Email
If you enjoyed this article, get Timur Sultanov's Complete List of Buying-A-Business Articles For FREE!

More Timur Sultanov
Buy An Existent Business or Start Up Your Own Business
How to Find and Assess the Business Part 1
Starting a Business FAQ
Analyzing And Assessing The Business
How to assess a franchise
How to Get a Loan To Buy A Small Business
Types of Finance
Raising debt finance
What is the cost of franchise and what types of businesses are franchised
Successfully Advertising A Business For Sale


 
 
 


Stephanie Horne  
John Alexander  
Bryan Garner  

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!
Name:
Email:

Predict Sales Turnover Icon Predict Sales Turnover
Building Business Relationships Icon Building Business Relationships
Your Communication Style Test Icon Your Communication Style Test
Self-Employment Guide Icon Self-Employment Guide
Business Plan by Harlan A. Friedman, author of GET Your Loan Closed! Icon Business Plan by Harlan A. Friedman, author of GET Your Loan Closed!

Top 50 Productivity Blogs To Watch In 2008
Top 50 Productivity Blogs
Top Blogs To Watch In 2008
 
Top 50 Social Entrepreneur Blogs of 2010
Top Social Business Blogs
Top Social Entrepreneur Blogs
 

SEO For Africa
Gifty Mensah Elmina, Ghana,
Gifty Mensah
Elmina, Ghana

Jonathan Voigt, $214k to $507k in 2 years
Jonathan Voigt
$214k to $507k in 2 years
Adam and Matthew Toren , $200k to $3.4 Mil in 3 Years
Adam and Matthew Toren
$200k to $3.4 Mil in 3 Years

Russell Simmons, Rush Comm.
Russell Simmons
Rush Comm.
Mary Kay Ash, Mary Kay Cosmetics
Mary Kay Ash
Mary Kay Cosmetics

Donald J. Trump, Trump University
Donald J. Trump
Trump University
T. Harv Eker, Millionaire Mind
T. Harv Eker
Millionaire Mind

Popular Articles
(Premium Authors)

When is gigahertz a proper noun?
By Joe Gagliano
You wrote the release - now to get the story published
By Joe Gagliano
Don’t be shy about promotions
By Joe Gagliano

Toronto Salsa Classes / Toronto Salsa Lessons Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!