Tags: Tax, vat

2 Things A Start-Up Business Should Consider

When you start planning, one of the things you need to do is to get a quick recap of your tax situation - sought of a preview of the tax return that you will be doing on April 15th.

Dan L. Duncan died in late March, 2010 of a brain hemorrhage at 77. Forbes magazine estimated his worth at $9 billion, ranking him as the 74th wealthiest in the world. Had his life ended three months earlier in 2009 his $9 billion would have been subject to a federal tax of at least 45 percent. Had he lived past December 31, 2010 his $9 billion would have been subject to a tax rate of 55 percent. Because of the timing of his death his children and grandchildren will receive $9 billion free of any estate tax. Because of the timing of Mr. Duncan's death he avoided $4.5 billion in estate tax.

Somewhere around here, the first cracks began to appear. I admit that I had to go Googling to find out how to make a Euro symbol appear on my invoice (To save you looking, hold Ctrl-Alt and press $). Success! Now to raise a Euro invoice... Not so easy. After vat id with Sage Technical Support, and the creation of a new invoice template, I found myself equipped to export. Equipped, that is, in the same way that Robert Falcon Scott was equipped to reach the South Pole.

2 Decide when to register for vat. Once your turnover reaches the current threshold, you have no option but to register. Before that, does your business need to look well established to penetrate the desired markets? Or will it help you get customers if you can keep prices down by not charging VAT? Looking at your start-up costs, how much vat you could reclaim if you were registered? Consider all factors before deciding.

For those whose husbands and fathers stayed at home while you went gallivanting around Bangkok's major malls, bring pieces you can mix and match. A vest, a scarf, a hat can change your look for every snapshot.
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