The full form of the VAT is a value-added tax, which means that the firm pays tax on the value it adds to the goods and services. All the firms that manufacture products and services that are taxable by VAT and the firms registered for VAT need to pay this tax. Most VAT calculation has a standard rate, but of course, there are exceptions to it. The amount of VAT that you would need to pay depends on the type of business you are.
When you partner with us, we will help you determine the exact amount of VAT Calculation that you need to pay as well as keep your documents in order in which you would need to submit to the authorities.
The calculation of VAT is complex as there are three types of the VAT. The standard rate at which most goods and services tax is twenty percent. Some products and services like the children’s car seat or if you are producing saving materials would come at a reduced rate which is five percent. The third type of taxation is tax-free. There are some categories of food and clothing for children that one does not have to pay tax. We will help you figure out which is the category that you fall. As it is not as simple as it seems, there are various conditions that a firm has to fulfil to taxed under any of these categories.
Join hands with us as we would guide you at all stages, from registration to final filing of your VAT as well as VAT returns. Our team works round the clock and ensures that we stay abreast of all the happenings, so you can rest assured that the calculations would be as per the requirements. Contact us today.