The VAT thread!

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K

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Lets make a big discussion thread regarding VAT.
 

azgold

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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.
 

K

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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.
 

azgold

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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.
 
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