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The VAT thread!

Discussion in 'Accounts and Finance' started by K, Oct 9, 2014.

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  1. K

    K Member

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    Lets make a big discussion thread regarding VAT.
     

  2. azgold

    azgold Moderator Member

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    VAT is only in the UK or Europe?

    We have GST in Canada - 13%. I don't have to get a GST number, collect or submit it yet, don't make enough to require it.
     
  3. K

    K Member

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    I'm guessing thats your version of this yes.

    I mean being a VAT registered company in the UK means we only charge VAT to people within England.

    Luckily for us thats 5% of who we deal with, but you should get it back.
     
  4. azgold

    azgold Moderator Member

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    We don't usually get GST refunds, only if we overpay. Like you, we only have to charge tax applicable to the location you're invoicing to.

    As a self-employed person, I don't have to charge tax. Once I get past a certainly earnings level, it will be different. Until then, I don't need a business license or worry about GST. I don't think the government cares if you ever charge it, as long as you pay it.

    Until I'm making over the set point per year, I only have to pay my personal taxes and deductions, at least as long as I'm operating under my name rather than a company name.
     
    K likes this.

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