accounting for VAT

Small Business Bookkeeping Deadly Sin #6: Incorrectly Accounting For VAT

Value Added Tax (VAT) can cause small business owners trouble from time to time. It’s almost impossible to understand every detail involved with VAT, and often this can lead to costly mistakes. Business owners are often confused about when they can reclaim VAT, how to create VAT compliant invoices, and about the rules that apply. Fortunately, you don’t need to know the answers yourself if you know where to get the correct information, and have the right accounting system [...]

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Starting a business and VAT

Starting a Business – The Small Business Guide to VAT

One of the first taxes you are likely to come across when starting a small business is VAT, and it’s one of those things that can sometimes cause confusion or headaches if you don’t understand it properly. While VAT is generally pretty straightforward, there are some more tricky areas, so in addition to the small business guide to VAT, please do take advice from your accountant. Does VAT apply to me? VAT (Value Added Tax) is a tax that is charged [...]

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