Achieve eSignature Licitness for Small Businesses in United Kingdom

How to eSign a document: eSignature licitness for small businesses in United Kingdom

v80 for a small business or even a start-up can be really confusing follow my video and we'll go over the key headings again click the bell and subscribe to be notified every time we produce our best pieces of content v80 can be a headache follow my video and we'll discuss all of the main headings every single small business owner should know v80 was it these attacks on sales the main three classifications and yes there are more ah standard rated where at the current that rate you charge twenty percent tax on yourselves your income could also be exempt which means it's not included at all or you could charge a lower rate of v81 that's common is for property developers where did they charge naught % VA t on this out the trick is whatever industry you're in you need to come check or what classification your income is in relation to be eighty so v eighty when do I register you register for V eighty when your cumulative sales exceeds 85 thousand that's on a rolling monthly basis so to give an example is from month one to month twelve you turn over 84,000 you would then you'd then take off month one and add on month thirteen to see what the rolling average is options for V 80 there are there are three main ones the first one is flat rate V 80 this is designed for small businesses to make it easy to prepare your VAT returns your business is classified in a certain era and you have to pay over a fixed percentage depending on what industry you're in easy easy easy to prepare and and there's no argument and no confusion about what you can claim and what your claim claim really good scheme for a lot of the businesses we work that are above 150 thousand turnover you've got two choices you're you're either paying your v80 on a an accrual basis which means invoices so you'll pay it on when you raise sales invoices and also when you receive your purchase invoices from your suppliers or you will do it on a cash basis the majority of businesses under a meal will be normally on the cash basis because who wants to pay over v80 when they haven't received it but there are sometimes benefits of being the invoice accountant he's always worth assessing your business to see what has the biggest advantage for you ba t returns for most small businesses are filed on a quarterly basis now there are some exceptions where they can be monthly and it's beneficial but on the whole it's it's quite common for businesses to follow their v80 return quarterly so if you have a 31st of August vot return you will get one month plus seven days to file that return and pay it if there is a liability we normally say to all of our clients get it done by the end of the month or even better gay done by around the 15th that way you know what fee 80 is payable in the next three weeks happy days rather than waiting hours is there any other elements of v80 that you have found difficult please comment below and we'd love to help you VA t forget it VA t get it you're a glorified tax collector and you're doing it for free but it's a legal requirement so you have to add vatt sales get to reclaim 380 from your expenses which if you're not fact registered you want power to claim so that is a definite benefit and then you pay this over liability or refund on a on a quarterly basis normally when you when you do your returns one word of warning ba t is not your money there are a lot of business owners especially in small business that look at their bank account and go like about in here the 80 is not yours I think a really good practice if this is a way that you role is sometimes is to on a monthly basis you'll know how much v80 you're putting you've collected on your sales put a into a different account then that way it gives you some discipline that if you are looking at that bank account you are you've separated already the v80 so that money is there within your business another trap my accountant should get my fat liability down to zero or a refund if you're a property developer and you're not percent v80 get it there should be very much because you've charged you not percent on yourselves but you were claiming all your costs or guaranteed a refund but if you're charging v80 on all your cells and your was reclaiming it on all of your costs then the sign of your v80 liability would ultimately be a sign of your profit and making a profit can only ever be a good thing in business now who forget it not all of your cost have v80 to them yeah one being wages travels another and I could go through loads of different expenditure codes where your client claimed dat dat on certain costs and that's just by ease but and it's not a definite how much v80 you pay over is a sign of how profitable you are so sometimes and this is a mindset shift is if you're paying over more v80 could that doesn't mean you're a lot more successful would you like to pay less tax there are 71 opportunities to pay less tax in our book our current record for tax saved is over three hundred thousand for one company could yours be more download our free resource to see what tax you could save now and for the future to make sure also you don't miss out on any of our future updates take the box and yes please keep me updated with our conversations especially if you're a business owner join our Facebook group which is the coordinates hurry business owners community it's a safe place where we can help and support each other click the link below [Music]