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natty
Apprentice
Joined: 17 Jun 2005
Posts: 6
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 Posted: 11/29/07 - 07:18 Post subject: |
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Hello! I have a store which is selling several goods. I have a problem in charging VAT. Should I charge Vat on every item equal or vat can be different? What is the procedure for calculating VAT rate? Is it possible to change the way I calculate VAT rate? Someone has told me that I should hire a professional economist to do this for me. Would this be wise decision? Any suggestion would be very helpful. Thank you in advance.
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angelle
Apprentice
Joined: 06 Jan 2006
Posts: 11
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| Posted: 12/29/07 - 04:45 Post subject: |
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| Hi. First, I’ll say to you a few words about VAT generally. VAT is a shortcut from Value Added Tax. It is about added value that results from each exchange. It is different from sales tax because a sales tax is about the total value of the exchange. Calculating VAT depends on a number of factors. There are three rates and your business must charge one of them. There are: standard-17.5 per cent, reduced-5 per cent and zero rate-0 per cent. Your business is always charged with VAT rate typically the same rate that you must collect. It is very important to speak with your tax consultant before making any changes to your VAT calculation methods. |
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