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

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 and VAT is a common area where business owners are lost. Value Added Tax is a tax added to most goods and services which provide by the companies.

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

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

  2. 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.

  3. 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”.

  4. 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

  5. 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.

  6. 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.

  7. FIND US ON https://marsgroup.ae/

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