cpd types

VAT: Moving from Employment to Your Own Business

by Sarah Laing

More and more people are making the break from employment and stepping out on their own into the business world. Working for yourself can be the best, or indeed the worst, decision you ever make – but on the whole, most people who try it say they are glad they made the leap.

On the one hand, the independence and opportunities to increase earnings will be an extremely attractive proposition, but of course, on the other hand, there will be a multitude of administrative tasks and obligations that will need attending to. Getting organised and setting up properly for tax from the start will be a key factor in building a successful business.

At first glance, the subject of Value Added Tax (VAT) can seem extremely daunting –perhaps even enough to send a budding entrepreneur or two running! Of course, some areas of VAT are extremely complex and VAT experts will have trained long and hard to get to grips with them. But, the basics of this consumer tax can actually be quite straight-forward, and once you understand how the cascade effect works, the perceived madness of the system may well be replaced with a warming glow!

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