How to Reconcile the VAT Entries
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How to Reconcile the VAT Entries
Jul 24, 2019
usedynamics.com
Turnover Tax (TOT) is not a default or downgrade from VAT and it’s not automatically the next step just because your business hasn’t reached the VAT threshold. Here’s what many business owners don’t realise: • TOT registration is not mandatory • It was introduced for very small businesses that prefer a simpler tax route without bookkeeping or annual tax returns • Once you opt in, you must file and pay monthly and filing is required even with zero sales. When you understand how TOT actually works
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