Info on Taxes and Paperwork when opening a shop

Chelsea1

Hey,

Can anyone give me some information and/or guidance on Taxation i.e VAT that you have to pay when opening a small newagents/convenience store?

Im not exactly up to speed on all of the paperwork etc required in running a small business.

Any other pointers would be very greatful.

Kind Regards

Chelsea1

DoMyBooks

In a convenience store with so many products VAT isn't a simple matter. You could start by reading the VAT manual The latest one on the revenue website seems to be 2008 so check the latest rates on www.revenue.ie

http://www.revenue.ie/en/tax/vat/leaflets/vatguide_2008.pdf

Southsider1

As the previous poster said it's not straight forward. The VAT rate varies on the various products. The first item you should get is a good PoS system that will enable to you to input the individual VAT rates for each product/category. Hence when you get your Z reading each day it will give you a breakdown of the items sold at each rate. You need to do a fair bit of research before you proceed. Your main suppliers should be supplying you with a PLOF that will have the rates itemised per product.

unnameduser

Would prob be a good to talk to an accountant once you have spoken to a few ppl in the trade.