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flat rate of vat Post Review

It’s #MoneyMonday ! 2019 budget is currently under construction, what suggestions do you have for @MthuliNcube and the Ministry of Finance budget consultancy team? Let @TeeKayZim @ChrissGreyZW and @MarcPoz know!

VAT: Ten quirks of the flat rate scheme @AccountingWEBuk #VAT #TaxTips https://buff.ly/2DGWXH5

Tax Reforms in Ghana, 2019 Real Estate VAT - Abolished!Financial Services Levies - Abolished!Capital Gains Tax in Ghana Stock Exchange - Abolished!Airline Ticket Tax +NIHL - Abolished!VAT for SME's - Cut from 17.5% to flat rate of 3% Now that's how you spur production

Have the Gov really thought through this Electric car only policy and if so, how will they make up the shortfall in treasury income? Fuel duty is currently levied at a flat rate of 57.95p per litre for both petrol and diesel, then we have 20% vat.

I used to believe in govt support of small businesses. e.g. Flat rate VAT and annual payroll schemes which cut costs for HMRC but then I get excluded from CJRS just because my business complied. Will you change the rules so I can backclaim? Broken and #ForgottenLtd #AskRishi

VAT should be abolished tbhThere’s no logic to taxing everyone at a flat rate across an awkward assortment of arbitrarily determined items, completely misses the point of tax

Formalise the whole economy by giving tax incentives to formal employers, Cut individual income to a maximum of 35% at a flat rate, increase VAT to 16%, increase tax free portion of 2% transaction tax to $20 and reduce the rate to 0.2% with no upper limit to encourage RTGS USAGE

The VAT Flat Rate Scheme allows some smaller businesses to benefit from paying a lower rate of VAT to HMRC. Although often used by contractors, it can be useful for many smaller leisure businesses.For more information, visit - #VAT

We are all fraudsters... simple as. It is a Tory government wiping out a set of businesses, its like a Cull. I am pretty sure they haven't actually added up the lost revenue, a bit like the lost flat rate VAT scheme. In short they want rid of a few but have to grab all. TT.

flat rate of vat Q&A Review

As a self-employed person, is it better to go on the flat rate VAT scheme or standard VAT avenue when just going over the VAT threshold?

That depends on the details of your business. If your Vat-liable business expenses are low compared to other businesses in your sector, then it might well pay to go for flat-rate VAT. You should also take into account the hassle of full VAT accounting (most businesses that are just over the VAT threshold have a single employee - the business owner).

What was the reason for coming up with 5 different tax slabs (0%, 5%, 12%, 18%, and 28%) for GST?

The five rates of GST were adopted because there were already numerous rates of Central Excise, Service Tax and VAT on different goods and services. Let us imagine for a moment that Government would have gone for a flat rate of 18% instead of different rates. This means that all the goods and services which are now at the rates lower than 18% (which would constitute almost 80% of the items) would become more expensive,. While the manufacturers and consumers of the high end customers would be happy to pay lower taxes, those already paying low taxes would be up in arms. You can’t introduce a tax in India which displeases most people in India. You can’t tax all goods and services with the same rate in a country which has so much of disparity in income. You have to tax the goods and services consumed by rich section of the society at a higher rate and levy low rates for the items consumed by poor section of the society. Government had to do a delicate balancing in fixing the rates so that it continues to get as much revenue as earlier and at the same time reduce the slabs of GST rates to the minimum. I think that the government has done a decent job in this regard.

Why do restaurants charge two types of VAT, what does that mean?

VAT (value added tax) is state specific. The rates can be as low as 5 percent and as high as 20 percent depending upon the states. Moreover, VAT for food items and drink are different. Many restaurants might club food items and drink and charge a flat rate on the total bill. In such cases, it is good to ask for separate bills for food and drinks. This should clearly show the different VAT for both the items.

What is the Flat rate VAT scheme and what are its advantages?

Source: ,Flat Rate VAT Scheme Guide - Work out your Rate | SJD Accountancy,. What is the Flat Rate VAT Scheme? The scheme is an incentive provided by the government to help simplify taxes. This means you can reclaim VAT on purchases that you have been charged on from HMRC. Using the standard VAT accounting method means that every quarter you will be required to fill in a VAT return form. However, since some contractors are eligible to join the Flat Rate VAT Scheme, you charge a standard rate of 20% on your invoices but pay HMRC a lower rate. This amount can vary depending on your profession. The flat rates are set by HMRC and vary depending on the industry sector, from 4% to 14.5%. Important notes about the Flat Rate Scheme If you estimate that your annual turnover excluding VAT will exceed £150,000 in your first year, you shouldn’t join the scheme. If your annual turnover exceeds £230,000 of VAT inclusive revenue in subsequent years, you must stop using the scheme Companies on the Flat Rate Scheme are unable to claim back any VAT on purchased goods and expenses for their business. However, you can reclaim VAT on capital asset purchases over £2,000, for example, a PC. Providing all the capital purchases are on the same receipt such as a PC, printer, and scanner, you can claim the VAT back on these items. You cannot, however, buy a PC one month for £1,500 then a printer the next month for £300 and a scanner the month after for £200 and add them together – they must all be on the same receipt. Like standard VAT, the scheme still requires you to complete a quarterly VAT return form (online only). You will need to charge the standard VAT rate, currently 20% of your invoices, rather than accounting for the VAT on every payment, when you do your quarterly report, you will only pay a single flat rate percentage on your turnover of each quarter. As the VAT percentage you pay is considerably lower than that of the standard VAT rate (see below table for a full list of the flat rates depending on your profession) you can keep the difference as your profit.

What's my political ideology in America if I'm a moderate in European countries? That means I want a 20 percent VAT (national sales tax), a lower corporate tax, a two rate flat income tax, free trade, universal healthcare and a balanced budget?

Communist. Or worse. But what you’ve said about the issues is too simple, the words are often the same between the parties but mean different things, and where the words are different they probalby mean the same. Sales tax isn’t the same in USA as Europe. In USA, sales tax is paid on each transaction and not recovered. So if the manufacturerr sells to the national distributor who sells to the state distributor who sells to the retailer who sells to the customer (4 sales), then a 6% sales tax adds up to 24%. WHereas Value Added Tax reclaims the previous tax at each stage so the customer only pays a total of 20%. “lower corporate tax”, lower than what? What level did you have in mind? Is this so that the tax revenue can be raised from income tax? How would it be enforced? For example, USA has quite a high corporation tax, but almost nobody pays it because of all the exemptions. Whereas in UK there’s only one allowable exemption - when the company in question makes donations to the Tory party (yes really - see papers submitted by HMRC when explaining how they select tax evaders to prosecute). Income tax, are you saying you want progressive or don’t want progressive tax rates? WIll there be a zero-rated or exempt band, or not? One USA policy was to have a 10/10/10 tax regime, 10% personal income tax, 10% corporation tax (on profits), 10% sales tax (in the form of a Value Added Tax so the consumer only paid once). Because there were no loopholes, it would have raised far more tax than the existing tax regime. Free trade takes many forms. Are you saying that foreign companies could “dump”, or sell their goods cheaply on the American market? Are you saying you’d set standards, in which case you need tariffs to ensure a level playing field. For example, if Canada matched US standards, then the tariff would be zero. But if China treated workers like slaves then you’d impose a tariff to prevent all American workers from losing their jobs. But it’s often termed “free trade” in spite of not being very free. Balanced budget? Everyone talks about this one, but few do it. Over what period? Would you say “we’ll balance over 4 years”? It’s unrealistic to try to balance the budget month by month. In general, Republicans spend, and Democrats try to make up the gaping hole. BUt Republicans say that the democrats are spending too much and they won’t spend as much. The figures show the opposite. Interestingly, Democrat presidents also grow the economy and lift the stock exchange faster than Republicans do, as well as the positive effect on the national debt.

What is a VAT? What percentage of the price is it? Or is it just a flat rate across the broad? Who determines the rate and does it vary from item to item? Who collects it? Does it go into a general fund?

VAT or Value Added Tax is tax that is set by the government agencies on the value added on any item going through the economic chain. e.g. A farmer grows rice and sells it to a company for X amount. Normally, the first leg is exempted from VAT but varies across geographies. The company makes apple juice and sells it at X+10 amount per unit. The company has to pay VAT on the total value of the sale less any VAT paid on procurement of the raw materials of the product. This chain continues till the final product is consumed by the customer. Thus the total incidence of VAT is finally paid by the customers as the price of the final product includes the cost + all the taxes paid at various levels by the processing companies.

What is the GST rate or VAT for a 1-year-old ready to move a flat?

Even though it is a supply under GST act, it is speciafically excluded from levy of GST by way of a Negative List. Negative list is a list of all goods and services, the transaction of which exempted from levy of tax, where the act is drafted in a way to tax ,ALL, transactions.

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