VAT is an indirect tax on consumption. It applies to a large part of the goods and services consumed in the country. Businesses charge VAT to their customers, so consumers pay this tax, not corporations. It is important to know the different VAT rates so as not to make errors in the invoicing of customers. A good way to avoid making mistakes and being surprised by legislative changes is to rely on the advice of an accountant.

• Understand the usefulness of VAT thanks to the advice of an accountant

VAT, value added tax, is an indirect tax on consumption that generally applies to all goods and services consumed. Companies are responsible for collecting this tax for the state. They therefore charge VAT to their customers, at different rates, and then pay it back to the Treasury, deducting what they paid on their purchases. Ultimately, it is the final consumer who pays the VAT and not the companies which encourage the production of goods and services. An accountant can, thanks to his knowledge of tax matters, advise the business creator in his financial management and the realization of his VAT returns. Using the business calculator is important there.

• What are the different VAT rates?

, there are four different rates for calculating VAT. The standard rate is 19.6% and concerns the vast majority of sales of goods and services. The reduced rate of 7% is reserved for goods and services which were subject to the rate of 5.5% before January 1, 2012, with the exception of certain goods and services listed below. Then, the reduced rate of 5.5% is applicable inter alia to food products and to gas and electricity subscriptions.

• Finally, the special rate of 2.1% concerns certain products and services, including the television license fee. The website of the Ministry of the Economy and Finance presents the complete list of goods and services with the different applicable VAT rates. Please note, on January 1, 2014 , these rates will be changed: the reduced VAT rate will drop from 5.5% to 5% , the intermediate rate will be increased from 7 to 10% and the standard rate will be raised from 19.6 to 20 %.
• Finer Words

The regulatory field, in which VAT is entered, as in general the various tax systems, is changing very rapidly. It is imperative to keep yourself regularly informed of upcoming developments and the impacts on the daily management of your business. That is why the help of an accountant is highly recommended in order to stay in compliance with the law.

Being your own boss is a promising notion, but it entails a lot of hard work and complicated calculations. Here are the tips you need to know to simplify the process of managing your company.

• Mastering the Supply Chain

In order to keep your business operating efficiently, you’ll need suppliers. Retail businesses in particular will need inventory coming in that will then be sold to consumers. This means that you’ll need to create a web of B2B connections known as a supply chain. These connections entail things like plastic bottle packaging suppliers and manufacturers, and choosing the right businesses to partner with is essential. Comparing your options in order to get the best prices without sacrificing quality or reliability will give you the best of all possible worlds. However, you’ll also need to stay on top of your inventory in order to make proper use of your suppliers and make sure that you always have the products your customers depend on.

• Managing the Finances

The bedrock of any company is its finances. After all, the entire goal of your business is to make money, so your spending, your earnings, and your profit margins are important figures. Keeping clean financial records and knowing how to act upon that information serve to be the guiding hand of your company, and hiring an accountant can give you the most accurate representation of those numbers possible. A financial advisor can sweeten the deal by offering guidance on how exactly to tweak those numbers into your favor. You can reduce your overhead by finding ways to cut costs on your expenses, and you can increase revenue by investing in marketing strategies that can increase your sales figures.

• Nailing Your Marketing Strategies

Marketing is also best left to trained professionals, because, like accounting, marketing is both multifaceted and monumentally important to your business. Marketing in all of its various forms serves the purpose of exposing your business to the masses and endearing it to them in order to drive sales. Marketing entails direct statements in the form of advertisements and press releases, but it also includes branding and market research. Hiring a marketing firm is your best bet for effective marketing campaigns that will propel your company to financial success. While more cost effective methods are available, their returns are woefully insufficient.

Leading your company to a prosperous future won’t be easy. There are numerous challenges to overcome, but these tips can help make that dream a reality.

Know about these basic conditions for your loan approval:

• You should be employed, UK resident, and must have a bank account.
• You should have sufficient savings after monthly expenses including food, credit, and others.
• You should fill up all the details as requested on the application form to enhance the chances of loan approval.
• You should not have too many loans, as they simply increase debts.

If you are looking for a reliable lender for your short term and payday loans in the UK, then LoanPig is the one name that you can count on. They are direct lenders as well as are brokers for short term loans.

They have a huge panel of lenders to provide the right kind of loan to the customers, in order to meet their financial crisis. All you need to do is fill up the application form online, and your request will be processed ASAP. Also, they guarantee security and minimum interest rates to the customers.

Suggestions for A Payday Loan Approval

• A payday loan approval generally depends on your credit ratings. Try to maintain a good credit score without skipping the payment. Your credit score is like a scale to the lenders that measures your capability to pay back.
• Online shopping with the help of a broker or a loan comparison will increase the chances of approval.

Tips for a Payday Loan

1. Don’t forget to apply for the amount you need and not more, so that you feel don’t burden while repaying. Additional borrowings may also lead to rejection.
2. Before applying, check whether your documentation is in order or not. Scan an identity proof such as wage slips, bills and more as per the lender’s request to meet eligibility criteria.
3. Account aggregation is like read-only accessibility to your bank account for the lender. Allowing account aggregation lets them have an idea about your savings and expenses. They may bring you special loans in difficult times.
4. Even if you don’t have a good credit score or sufficient income source, you still can get the loan with a guarantor. A guarantor may be your friend or a family member with a good credit rating or property holder. Whenever you are unable to make the repayments, the lender can directly approach guarantor and have him or her pay the outstanding amount.

To conclude, payday loan does not affect your credit rating, if repayment is made within the specified time limit. This applies to all the other loans as well. However, it is suggested that you borrow funds as and when needed from a reliable lender.