By Peter Taylor
Debts are only as very important as the other element of a company, and will be the most important to its prosperity or even survival. In "doing the books" you can be on the very middle of the enterprise, together with your palms at the controls. you'll be excited about the administration of its resources and liabilities, its expenditures and its revenue margins. The extra keep watch over you will have over those, and the files and figurework on which they're established, the higher it is possible for you to to manage your individual company.
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Extra info for Book-Keeping & Accounting for Small Business, 7th edition
However, if the person from whom you purchased the goods was not registered for VAT then there would be no input tax to deduct and the amount of VAT payable by you to the Customs & Excise would increase. This could be illustrated as in Figure 15. This is clearly not the intention of the tax because the amount of the VAT payable would be related to the selling price of the goods and would have no relationship with the value added. The way round the problem For goods in the categories listed above special schemes are used to avoid the problem.
You will, however, need to draw money from the bank to pay cash expenses, and these transactions should be recorded as follows. Treat the money drawn from the bank as: a payment in the bank records, and as a cash receipt in the cash records (using the words 'Cash from Bank'). Once again, if you think of cash transactions paid from the bank, and cash received into the cash float, quite separately, then the treatment of the transactions in your records should become clear. SUMMARY You should open a business bank account.
How does VAT work? Under VAT, every business is in effect a tax collector. The tax is a charge on the sale of goods or services by a business which is registered for VAT. 5% of the price of the goods. These transactions are called taxable supplies and the VAT which you must charge on your sales is called output tax. On the other hand, when a registered business purchases goods (or services) from another registered supplier it must pay to that other business the VAT which that business charges. This tax on purchases coming into the business is called input tax.