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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

    Lets make a big discussion thread regarding VAT.
     
  2. azgold

    azgold Moderator Member

    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

    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

    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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