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VAT Signing Up Issues

Discussion in 'Accounts and Finance' started by Zuckerberg Jr, Jun 11, 2015.

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  1. Zuckerberg Jr

    Zuckerberg Jr Member

    Hi, I have just begun a small business and would like to find out a bit more concerning vat registration as well as whether it's something I ought to do.First of all would you pay only the 20% taxes on every sale or is it necessary to pay any more taxes following this too upon say revenue?Additionally the limit then you need to sign up for vat is 82 thousand, therefore I wished to learn in case you reach this particular limit, for this example my profit is 100 thousand, is it necessary to register as well as charge vat on all 100k of gross sales, or am i allowed to charge taxes the earlier way on 82k after which the residual 18k by registering and asking 20% on each sale?Lastly, if I sell absolutely no rated goods, and I also sign up for vat, does this imply I pay no tax in any respect? or I simply don't pay vat but I still pay taxes on the profit?
     
  2. Twista Tom

    Twista Tom Member

    VAT is tax on product sales, this is not on revenue. You'll ask for the VAT one time. If you make revenue by the end of the year that'll be subject to tax or business tax, based on your company enterprise
     

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