A beginner's guide: Reasons To Hire A VAT Consultant For Your Business

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A beginner's guide Reasons To Hire A VAT
Consultant For Your Business
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INTRODUCTION

• At first glance, VAT looks like one more aspect
  of your business that adds to your administrative
  tedium. As a small business owner, you want your
  business to have the most tax efficient way V and
  VAT is a common area where business owners are
  lost.
• With each new law introduced, the need to
  understand and comply with it becomes a
  necessity. VAT is a law where you need a clear
  understanding of how to run your business
  smoothly. There are many VAT consultant available
  in the market, which will help you process your
  paperwork in lieu of advisory fees. In this
  article, we will take a look at the importance of
  a VAT advisor and the need to understand this law.

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WHAT IS VAT?

• Value Added Tax is a tax added to most goods and
  services which provide by the companies. It is
  levied on goods and services and is an ad valorem
  tax, which is proportional to the value of the
  supply it makes.
• All VAT rated goods and services are known as
  taxable supplies. It must be charged on taxable
  supplies since when business was registered. Its
  value is called as taxable turnover.

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WHAT ARE THE BENEFITS OF REGISTERING VAT?

• The standard rate of VAT will apply to most
  goods and services sold. If you have a small
  business, here are list of benefits for being VAT
  registered.
• You get a VAT registration number
• You can claim VAT refunds
• You can improve your business image

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YOU GET A VAT REGISTRATION NUMBER

• This may not be like too exciting, through
  displaying your VAT registration number on
  documents and website ,you can benefit for your
  business. This will add more creditability to
  business and also give honourable and
  professional image.

YOU CAN CLAIM VAT REFUNDS
After registered it once, you can reclaim for VAT
on all goods and services for business. It must
be balanced between what business is charging and
receiving all payments all over the year. If you
have invested on equipment, IT or machinery ,you
are able to reclaim large amount of VAT.
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YOU CAN IMPROVE YOUR BUSINESS IMAGE

• If you have a small business, most of people are
  aware of threshold VAT, this is the another
  benefits of a being a VAT registered. After that
  , you can appear to your customers that you are
  bigger than actually by displaying VAT number.
• It can also help you while dealing with other
  business. Normally, some of business prefer it ,
  if you can raise a VAT invoice.

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