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Keep a record of all transactions.
Sales turnover is the amount the business earns before deducting business expenses including receipts of any kind for goods sold or work done such as commission, tips, payments in kind, fees and insurance proceeds. Sales of fixed assets are excluded from sales turnover as are Business Start up grants which are entered in a different section of the self assessment...

VAT compliance on an International basis can be a complicated thing to deal with, since VAT on certain things might be higher or lower than others. In some countries, VAT is charged on food, while in others it is not. Do you know which category your home country falls under? Do you know how to properly apply VAT to your sales charges? Do you know exactly what to do with the VAT that you collect?

Reclaiming foreign vat is not a problem, generally, it seems that most companies either don’t think it is worth while or don’t know that they can. It has been estimated that around 80% of foreign VAT remains unclaimed. that is a huge amount going to revenue services throughout the European Union that should not.

Does your company ever attend or exhibit at trade shows? As we all know these can b...

Part of Finance Minister Brian Cowen’s 2008 budget speech, is to simplify the rules for VAT on property, while ensuring more equitable treatment for taxpayers. The new rules are designed to be broadly revenue neutral.

The current rules for VAT on property transactions tax the supply of a property if it has been developed since 1972, and if the supplier has had an entitlement to a deduc...

In Europe on the doors of many shops is possible to see a badge “tax-free for tourists”. It means that having done shopping in such a shop, you can essentially save money. The system of “tax-free shopping ” (TFS) is based on that in the European Union exist established rule: if you constantly live outside of the European Union, leaving EU, you can wholly receive back the sum of the tax on added co...

It has been proposed that from April 1st 2010 there will be two charges of VAT on goods and services in India.  Currently in most European countries businesses collect and pay VAT only to one source and many companies find VAT accounting onerous already, especially small businesses.

But imagine collecting two different VAT rates on all your goods and services and then paying or reclaiming VAT to t...

If you or your company does business in Europe, you should be aware that you are entitled to reclaim the VAT charged on certain services you incur. These services include employee travel and relocation costs, vendor expenses like inter company charges, exhibition and marketing costs, telephone and communication charges, and the costs involved in running representative offices. The problem is that ...

Vat or goods and services tax (GST), is tax on exchanges. It is levied on the added value that results from each exchange. It differs from a sales tax because a sales tax is levied on the total value of the exchange. For this reason, a VAT is neutral with respect to the number of passages that there are between the producer and the final consumer.

VAT is an indirect tax, in that the tax is collect...