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Starting new business. Please help....

By: Itsacraig [20-September-10 4:39PM]
1 posts
Businessman image (c) About My Business

Hi,
I have just set up my own online retail business. I dont expect my sales to be £70k + yet so will probably not go Ltd or Vat Registered for some time yet. But I am still debating the idea as I heard it has got its tax benefits.
I am new to this, and would just like an understanding regarding VAT and Import/ Export.

I ope you can help a couple of questions I have for now. I have so many, but will try and keep it short for now.


1. VAT - I get charged VAT by my supplier and I also have to charge my customer VAT.
I understand I cant claim back the VAT paid to my supplier unless I am registered for VAT.
What I dont understand is, how does VAT work if I am merely a sole proprietor?
Every sale I make, do I have to put aside 17.5% of the order amount (excl. postage)and give this to to tax man when it is required? Or is it a simple case of me having to list all my incomings and outgoings and pay a certain percentage of the profit once all costs have been deducted? (Excl. Drawings)


2. Import/ Export..
I have the commodity codes of my stock which I will be selling to foreign countries. Do I need to pay anything additionaly when exporting or importing goods? My suppliers are within the EEC.
I am concerned that my customers in these countries will be deterred by the customs and excise in their country and may not want to pay more, so was hoping I could somehow incorporate it into the price and pay it myself if this is possibe?


Well that will do for starters. Thanks for your help.

Craig


Re : Starting new business. Please help.


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152 posts
Businessman image (c) About My Business

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