understanding vat returns for small businesses
TRANSCRIPT
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XFEHY\UDFEJFG RDU BMY
\ADKK IX\JFH\\H\0
DXGX\U 9>4
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Xfehrstdfejfg RDU bmr \adkk Iusjfhsshs
Uch prjfljpkhs
RDU stdfes bmrRdkuh Deehe Udx
RDU js d bmra mb jfejrhlt tdxdtjmf
\tdfedre rdthe RDU thfes tm ih mf tch ad`mrjty mb shrvjlhs dfe prmeults tcdt
drh shhf ds ejslrhtjmfdry - fmf!hsshftjdk purlcdshs
^rjfljpkhs
Cmw jt wmros
bmr RDU rhgjsthrhe
lmapdfjhs
RDU js euh tm CAYL mf lhrtdjf sdkhs #mutputs* dfe rhlmvhrdikh brma CAYL
mf lhrtdjf purlcdshs #jfputs*&
RDU rhgjsthrhe hftjtjhs cdvh d euty tm lmapkhth RDU rhturfsusudkky qudrthrky RDU rhturfs fmw suiajtthe mfkjfh #pdphr rhturfs fm kmfghr dllhpthe*
^rjfljpkh js tcdt jb mutput tdx hxlhhes jfput tdx+ tch iusjfhss pdys tch hxlhss
tm CAYL+ iut hqudkky jb jfput tdx js khss tcdf mutput tdx d rhbufe js euh
\tdfedre RDU rdth js 9>( dfe js pdydikh mf amst mb prmeults dfe shrvjlhs
Uchrh js dksm d >( RDU rdth #zhrm!rdthe* mf lhrtdjf jthas j&h& Lcjkerhfs lkmtchs \mah shrvjlhs drh hxhapt h&g& jfsurdflh
\mah jthas cdvh d ejbbhrhft rdth h&g& 8( rdth bmr tch suppky mb hkhltrjljty
Cmw jt wmros
bmr lmfsuahrs
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Xfehrstdfejfg RDU bmr \adkk Iusjfhsshs
RDU ijkk js uktjadthky pjlohe up iy tch lmfsuahr?
Iut lmkkhlthe jf stdghs tcrmugcmut tch suppky lcdjf
WCMKH\DKHY ADFXBDLUXYHY LMF\XAHY
Gdjk lcmps emwf d trhh
dfe turfs jt jftm tjaihr
\ch shkks jt tm Mkkjh bmr
5>> / RDU
5>> js Gdjks jflmah 3> js RDU pdydikh
Mkkjh turfs tch tjaihr
jftm d smbd
Ch shkks jt tm Eufldf bmr
4+>>> / RDU
4+>>> js Mkkjhs jflmah 9>> js RDU pdydikh
YHUDJKHY
Eufldf rufs d burfjturh
scmp
Ch shkks jt bmr 9+>>> /
RDU
9+>>> js Eufldfsjflmah
5>> js RDU pdydikh
Uch lmfsuahr pdys
9+5>>
Ihldush ch js fmt RDUrhgjsthrhe+ ch ldft
rhlkdja tch tdx
CAYL
^dje0 3>
Yhlkdjahe0 >
CAYL fht0 3>
CAYL
^dje0 9>>
Yhlkdjahe0 3>
CAYL fht0 49>
CAYL
^dje0 5>>
Yhlkdjahe0 9>>
CAYL fht0 9>>
CAYL
^dje0 5>>
Yhlkdjahe0 >
CAYL pdje iy rhtdjkhr
5>> lmkkhlthe jf < stdghs
tcrmugcmut tch suppky lcdjf
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Xfehrstdfejfg RDU bmr \adkk Iusjfhsshs
Tujz0 Xsjfg tch prjfljpkh mb RDU ihjfg dppkjhe tm fmf!hsshftjdk jthas+
dkkmldth tchsh tm \tdfedre rdthe+ Phrm rdthe+ hxhapt dfe mutsjeh tch slmph
Dfe tch dfswhrs drh
Fhwspdphrs
Brujt " Rhghtdikhs
Ahdk dt d rhstdurdft
\dkdrjhs
Heuldtjmf
^DZH
Ldohs
Ijslujts
Dllmuftdfly
Yhsjehftjdk rhftDklmcmk
Wdthr ^mstdgh stdaps
Lcdrjtdikh emfdtjmfs
Cmt bmmeLmke bmme
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Xfehrstdfejfg RDU bmr \adkk Iusjfhsshs
Dfswhrs
\UDFEDYE YDUHE PHYM YDUHE HSHA^U MXU\JEH UCH \LM^H
Fhwspdphrs
Brujt " Rhghtdikhs
Lmke bmme
Ijslujts
Ahdk dt d rhstdurdft
^mstdgh stdaps \dkdrjhs
Dllmuftdfly
^DZHYhsjehftjdk rhft
Dklmcmk Wdthr
Heuldtjmf Lcdrjtdikh emfdtjmfs
tdxhe
hkshwchrh
\m cmw drh Phrm Ydthe jthas dfe Hxhapt jthas trhdthe mf d RDU rhturf=
Cmt bmme Ldohs
ejslrhtjmfdry
jthas
hsshftjdk
jthas
ldsc!kjoh
jthas#/ heuldtjmf*
Urjvjd0 Jf 4::4 CAYL dtthapthe tm rhlkdssjby @dbbd Ldohs ds ijslujts& Uchy kmst dfe tcdfobukky @dbbd Ldohs drh stjkk RDU brhh&
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Xfehrstdfejfg RDU bmr \adkk Iusjfhsshs
Lmapdfjhs tcdt mfky suppky RDU hxhapt prmeults mr shrvjlhs
ldffmt rhlkdja RDU mf tchjr hxphfshs
Fmradk RDU
rhgjsthrhe iusjfhss
^DZ\ RDU MF0 YHLKDJA\ RDU MF0 HSDA^KH0
Dkk prmeults dfe
shrvjlhs
Dkk suppkjhs dfe
hxphfshs wcjlc drh
stdfedre rdthe
Burfjturh rhtdjkhr cdfejfg mvhr
RDU mf lmfsuahr purlcdshs
iut rhlkdjajfg RDU mf lmst mb
gmmes smke
Iusjfhss tcdt
suppkjhsRDU hxhapt
prmeults
Fmtcjfg Fmtcjfg #fmt dkkmwhe
tm rhlkdja RDU mffmradk stdfedre
rdthe jthas*
Lmapdfy sht up sui!kht
rhsjehftjdk prmphrty h&g& fmtRDU pdje mf sui!rhft+ iut
ldffmt rhlkdja RDU mf fmradk
mbbjlh hxphfshs
Iusjfhss tcdt
suppkjhs imtc RDU
hxhapt prmeultsdfe stdfedre rdthe
prmeults - shrvjlhs
Mfky stdfedre
rdthe prmeults -
shrvjlhs
^urlcdshs ejrhltky
lmffhlthe tm
stdfedre rdthe
prmeults - shrvjlhs /df dppmrtjmfahft mb
scdrhe hxphfshs
Lmapdfy tcdt prmvjehs sui!kht
shrvjlhe dllmaamedtjmf wjtc
kdufery dfe ldthrjfg shrvjlhs
RDU mfky rhlkdjadikh mfkdufery dfe ldthrjfg ejrhlt
lmsts dfe d pmrtjmf mb scdrhe
RDUdikh hxphfshs
Iusjfhsshs tcdt shkk RDU hxhapt prmeults ldft rhlkdja RDU+
iut tcmsh wjtc zhrm rdthe prmeults ldf
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Xfehrstdfejfg RDU bmr \adkk Iusjfhsshs
Wchf scmuke ymu rhgjsthr bmr RDU=
Hftjtjhs aust rhgjsthr bmr RDU jb tchjr turfmvhr gmhs mvhr 7:+>>>Wchf em ymu fhhetm rhgjsthr
bmr RDU=
\adkk lmapdfjhs tcdt shkk tm lmfsuahrs cdvh d prjlh devdftdgh mvhr ijgghr
lmaphtjtmrs ihldush tchy hbbhltjvhky lcdrgh 9>( khss
Lmapdfjhs tcdt prmvjeh RDU hxhapt suppkjhs ldffmt RDU rhgjsthr
Emhs jt adoh
shfsh tm
rhgjsthr ihbmrh
ymu fhhe tm=
Drh tchrh dfy
ejsdevdftdghs mr
rhstrjltjmfs=
Yhgjstrdtjmf js vmkuftdry dt dfy stdgh ihkmw 7:+>>> jb ymu adoh stdfedre
mr zhrm rdthe suppkjhs+ tcjs js devdftdghmus bmr0
Phrm rdthe suppkjhrs #h&g& grhhfgrmlhrs* ds tchy wjkk rhlhjvh rhgukdr
rhbufes brma CAYL ihldush tchjr mutputs wjkk ih fjk
\tdrt ups wjtc sjgfjbjldft RDUdikh hxphfejturh iut wjtc kjajthe jfjtjdk
rhvhfuh #wcjlc wjkk chkp hdsh ldscbkmw*
Cmwhvhr+ ihjfg rhgjsthrhe bmr RDU+ emhsft stmp lhrtdjf jthas ihjfg Ikmlohe
j&h& wchrh RDU js lcdrghe iut fmt rhlmvhrdikh mf ymur RDU rhturf
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Xfehrstdfejfg RDU bmr \adkk Iusjfhsshs
Ikmlohe RDU js wchrh RDU js lcdrghe iut fmt rhlmvhrdikh mf ymur RDU rhturf0
pjlo mut tch twm ikmlohe jfput RDU jthas
Dfe tch dfswhrs drh
Amtmr Ldrs
Uhkhpcmfh
Lkjhft Hfthrtdjfjfg
UrdvhkBmme
Khgdk bhhs
Yhft
Lmaputhrs
Jfsurdflh
Gds " Hkhltrjljty
\tdbb Hfthrtdjfjfg
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Xfehrstdfejfg RDU bmr \adkk Iusjfhsshs
Ikmlohe RDU js wchrh RDU js lcdrghe iut fmt rhlmvhrdikh mf ymur RDU rhturf0
pjlo mut tch twm ikmlohe jfput RDU jthas
Amtmr Ldrs
Uhkhpcmfh
Lkjhft Hfthrtdjfjfg
\tdbb Hfthrtdjfjfg
UrdvhkBmme
Khgdk bhhs
Yhft
Lmaputhrs
Jfsurdflh
Gds " Hkhltrjljty
Hbbhltjvhky jfbkdths tch prjlh mb tchsh typhs mb hxphfshs iy 9>(
Fmth0 Jf tch ldsh mb khdshe amtmr ldrs mfky 8>( mb tch RDU ldf ih rhlkdjahe j&h& 4>( ufkhss tch ldr js hxlkusjvhky bmr iusjfhss ush kjoh d pmmk ldr
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Xfehrstdfejfg RDU bmr \adkk IusjfhsshsUchrh drh tcrhh adjf RDU slchahs
hdlc wjtc prms dfe lmfs
Amstky lmaamfky ushe
slchah
RDU ehlkdrhe mf mutputs dfe
jfputs wchf jfvmjlhs drh
rdjshe
Dllrudk
Bkdt rdth
Ldsc
BHDUXYH\ ^YMs LMFs
Bkdt rdth phrlhftdgh mb
rhvhfuh idshe mf
shrvjlh-prmeult prmvjehe
^hrlhftdgh devjshe iy CAYLjs tchf auktjpkjhe iy grmss
turfmvhr&
Adxjaua mb 48>o fht
turfmvhr
RDU ehlkdrhe mf mutputs dfe
jfputs wchf tch ldsc js
dltudkky pdje
4&
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Xfehrstdfejfg RDU bmr \adkk Iusjfhsshs
Bkdt Ydth \lchah ahdfs tcdt RDU js pdje mf Yhvhfuh
dt d lhrtdjf phrlhftdgh #ehthrajfhe iy ymur jfeustry*
Uch bkdt rdth mb RDU js ehthrajfhe iy jfeustry ds
bmkkmws0
Dllmuftdfly 45&8(
Devhrtjsjfg 44(
Hstdth Dghfts 49(
Bdrajfg 2&8(
Cmthks 4>&8(
^uis 2&8(
Jf deejtjmf+ ymu ldf rh!lkdja tch jfput RDU dt tch
fmradk rdth mf ldpjtdk jthas mvhr 9+>>> #grmss*&
BKDU YDUH ^HYLHFUDGH\
Uhlcfjldkky sphdojfg lmapdfjhs wjkk ihfhbjt brma
tch bkdt rdth jb tchjr RDUdikh suppkjhs drh khss tcdf0
9>( ajfus #9>( ! dppkjldikh bkdt rdth*
Ejvjehe iy 9>(
Auktjpkjhe iy tchjr RDUdikh rhvhfuh
Cmthk hxdapkh
9> ( ! bkdt rdth 1 9>( ! :&8( 1 4>&8(
Ejvjehe iy 9>( 1 89&8(
Auktjpkjhe iy rhvhfuh mb 4>>o 1 89&8o
sm jf tcjs ldsh jb tch vdkuh mb tch Cmthks RDUdikh
suppkjhs drh khss tcdf 89&8o+ tchf tchy wjkk sdvh
amfhy iy mptjfg bmr d bkdt rdth slchah
WCHF UM M^U BMY UCH BKDU YDUH
Ghfhrdkky+ dfy iusjfhss mwfhr wcm susphlts ch mr sch cds d kmwhr lmst
strulturh tcdf dvhrdgh scmuke lmfsjehr jt #iut rhahaihr tch 48>o kjajt*
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Xfehrstdfejfg RDU bmr \adkk Iusjfhsshs
RDU Bkdt Ydth \lchah
Hstdth Dghft Wmrohe Hxdapkh
Fht rhvhfuh0 49>+>>>
Wdghs #5>+>>>*
Yhft ! hxhapt #48+>>>*
Uhkhpcmfh #9+5>>*Lmaputhr #>*
Urdvhk #4+8>>*
Dllmuftdfly #7+9>>*
^rmbjt0 8>+>
Fmth0 RDUdikh jtha
Dkk bjgurhs fht mb RDU
H\UDUH DGHFU HSDA^KHDLLYXDK \LCHAH
RDU pdydikh0 95+>>>
RDU rhlkdjadikh0 9+25>
CAYL fht0 94+
BKDU YDUH \LCHAH
Fht rhvhfuh0 49>+>>>
Grmss rhvhfuh0 455+>>>
RDU pdydikh0 47+93>
Khss lmaputhr0 79>
CAYL fht0 42+82>
5+3>>
sdvhe iy bkdtrdth slchah
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Xfehrstdfejfg RDU bmr \adkk Iusjfhsshs
Lmaahrljdk prmphrty trdfsdltjmfs ldf ih mptjmfdkky tdxhe
Mptjmf tm tdx0
Jb suppky mb iujkejfg-kdfe js hxhapt
ldf mpt tm tdx
j&h& mpt tm trhdt ds d tdxdikh suppky
dfe lcdrgh RDU
Japkjldtjmfs0
\tdfedre rdthe RDU wjkk ih lcdrghe mf
sdkh mr khdsh
Jfput tdx rhkdtjfg tm suppky ady ih
rhlmvhrhe
Mflh adeh mptjmf dppkjhs bmr 9>
yhdrs
Jb kdfe-iujkejfg js smke wchrh mptjmf tm
tdx cds ihhf adeh+ RDU fhhes tm ih
lcdrghe mf sdkh mb kdfe-iujkejfg
Lmfstrultjmf mb fhw lmaahrljdk
iujkejfg
\dkhs mb fhw lmaahrljdk iujkejfg
ufehr < yhdrs mke
Wmro mf hxjstjfg lmaahrljdk
iujkejfg
\dkh mb mke lmaahrljdk iujkejfg
#mvhr < yhdrs mke*
Khdsh mb lmaahrljdk iujkejfg
Iut mptjmf tm tdx js dvdjkdikh
Mptjmf tm tdx js mfky ushbuk jb d kdfekmre
cds sjgfjbjldft mtchr RDUdikh hxphfshs
\tdfedre rdth mf
Lmaahrljdk
Iujkejfgs
RDU hxhapt mf
Lmaahrljdk
Iujkejfgs
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Xfehrstdfejfg RDU bmr \adkk Iusjfhsshs
\uaadry
RDU js uktjadthky lcdrghe jf bukk tm tch lmfsuahr+ iut jt js lmkkhlthe jf stdghs
tcrmugcmut tch suppky lcdjf
RDU wds jfthfehe tm dppky tm dkk fmf!hsshftjdk jthas dfe lcjkerhfs scmhs+
wdthr dfe lhrtdjf typhs mb bmme drh stjkk hxhapt
^rjfljpkhs
Bmr \adkkIusjfhsshs
\phljdk
ldshs
Iusjfhsshs tcdt shkk RDU hxhapt prmeults ldft rhlkdja RDU+ iut tcmsh wjtc
zhrm rdthe prmeults ldf
RDU rhgjstrdtjmf js rhqujrhe mvhr 7:o turfmvhr
Uchrh drh tcrhh RDU slchahs0 Dllrudk+ Ldsc dfe Bkdt rdth hdlc wjtc prms dfe
lmfs
Mwfhrs mb lmaahrljdk prmphrty ldf mpt tm dppky RDU jb tchy cdvh sjgfjbjldft
RDUdikh mphrdtjfg hxphfshs
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Xfehrstdfejfg RDU bmr \adkk Iusjfhsshs
Ucdfos
Ucdfo ymu bmr rhdejfg$
Fhhe burtchr chkp wjtc tch prhpdrdtjmf dfe lmapkhtjmf
mb ymurRDU rhturfs= Mur thda drh cdppy tm dfswhr
dfy mb ymur quhstjmfs&
Lmftdlt Xs
ZMXY UHDA
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LMFBJEHFUJDK
Ucjs Lmfbjehftjdk Jfsjgct Yhpmrt #tch Jfsjgct Yhpmrt* cds ihhf lmkkdthe iy Dllmufts dfe Khgdk Lmfsuktdfts Kte #tch Dllmuft dft*+ smkhky bmr tch jfbmradtjmfdk purpmshs mb tch
scdrhcmkehrs dfe adfdghahft thda mb tch lmapdfy fdahe mf tch lmvhr schht mb tcjs emluahft #tch Lmapdfy* brma jfbmradtjmf burfjsche iy tch adfdghahft thda mb
tch Lmapdfy dfe mtchr puikjl dfe prmprjhtdry smurlhs&
Jt js burtchr dgrhhe tcdt tch rhljpjhft mb tch Jfsjgct Yhpmrt dgrhhs tm trhdt dkk jfbmradtjmf lmftdjfhe jf tch emluahft ds strjltky lmfbjehftjdk+ ihjfg bmr ush mfky iy tch
scdrhcmkehrs dfe adfdghahft thda mb tch Lmapdfy dfe bmr jfbmradtjmfdk purpmshs mfky& Uch Jfsjgct Yhpmrt emhs fmt purpmrt tm mbbhr jfvhstahft devjlh dfe ady fmt ih
rhkjhe upmf ds sulc& Uch Jfsjgct Yhpmrt ady fmt ih lmpjhe mr ejstrjiuthe iy rhljpjhfts tm tcjre pdrtjhs wjtcmut tch prjmr wrjtthf lmfshft mb tch Dllmuftdft&
Uch jfbmradtjmf lmftdjfhe chrhjf cds ihhf prhpdrhe tm dssjst tch adfdghahft thda dfe scdrhcmkehrs mb tch Lmapdfy jf adojfg df dsshssahft mb tch bjfdfljdk dfemphrdtjmfdk phrbmradflh mb tch iusjfhss dfe emhs fmt purpmrt tm lmftdjf dkk tch jfbmradtjmf tcdt d adfdghahft thda mr scdrhcmkehr ady fhhe tm ehthrajfh tch dpprmprjdth
strdthgy bmr tch Lmapdfy& Uch Dllmuftdft emhs fmt adoh dfy rhprhshftdtjmf mr wdrrdfty #hxprhss mr japkjhe* ds tm tch dllurdly mr lmapkhthfhss mb tch Jfsjgct Yhpmrt mr dfy mb
tch jfbmradtjmf lmftdjfhe mr rhbhrrhe tm chrhjf+ dfe scdkk fmt cdvh dfy kjdijkjty rhsuktjfg brma tch ush mb+ mr dfy majssjmfs brma+ tch Jfsjgct Yhpmrt&
Uch Jfsjgct Yhpmrt lmftdjfs lhrtdjf bjfdfljdk edtd+ hstjadths dfe prm`hltjmfs dfe mtchr bmrwdre!kmmojfg stdthahfts+ wcjlc cdvh ihhf prhpdrhe idshe upmf jfbmradtjmf
prmvjehe iy tch adfdghahft mb tch Lmapdfy dfe mtchr smurlhs+ dfe wcjlc jfvmkvh sjgfjbjldft dssuaptjmfs+ hkhahfts mb sui`hltjvh ueghahft dfe dfdkysjs tcdt ady mr ady
fmt ih lmrrhlt dfe drh sui`hlt+ damfg mtchr tcjfgs+ tm iusjfhss+ hlmfmajl dfe lmaphtjtjvh uflhrtdjftjhs dfe lmftjfghfljhs+ adfy mb wcjlc drh ihymfe tch lmftrmk mb tch
Lmapdfy& Dllmrejfgky+ tchrh ldf ih fm dssurdflh tcdt dfy mb tch hstjadthe dfe prm`hlthe rhsukts wjkk ih dlcjhvhe& Dltudk rhsukts ldf ih hxphlthe tm vdry brma tcmsh sht bmrtc jf
mr japkjhe iy sulc hstjadths+ prm`hltjmfs dfe mtchr bmrwdre!kmmojfg stdthahfts+ dfe sulc vdrjdtjmfs ady ih adthrjdk dfe devhrsh&
Dkk rhquhsts bmr deejtjmfdk jfbmradtjmf scmuke ih adeh tm0
Dllmufts dfe Khgdk Lmfsuktdfts Kte
>9>7 >5< 5>>>
9> Ohftjsc Umwf Ymde
Kmfemf
FW4 :FS