{"id":1203,"date":"2012-05-01T09:39:27","date_gmt":"2012-05-01T13:39:27","guid":{"rendered":"http:\/\/stluciasimplybeautiful.com\/v1\/?p=1203"},"modified":"2012-05-01T09:39:27","modified_gmt":"2012-05-01T13:39:27","slug":"the-vat-readiness-checklist","status":"publish","type":"post","link":"https:\/\/stluciasimplybeautiful.com\/v1\/2012\/05\/01\/the-vat-readiness-checklist\/","title":{"rendered":"The VAT Readiness Checklist"},"content":{"rendered":"

The VAT Readiness Checklist<\/p>\n

This week, we will look at the VAT readiness checklist which can assist businesses in determining their level of readiness for VAT implementation. The list is not at all exhaustive but provides some guidelines of some of the issues which businesses should be looking at.<\/p>\n

VAT Readiness Checklist<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Check Points<\/strong><\/td>\nYes<\/strong><\/td>\nNo<\/strong><\/td>\nNotes<\/strong><\/td>\n<\/tr>\n
Is \u00c2\u00a0 the company within the threshold for VAT<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Are \u00c2\u00a0 you already registered for VAT<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you know the procedures for registration<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
What \u00c2\u00a0 is your VAT\u00c2\u00a0 Registration Number<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Who \u00c2\u00a0 prepares the company\u00e2\u20ac\u2122s accounts<\/p>\n

 <\/td>\n

 <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Are \u00c2\u00a0 the staff comfortable with general accounting concepts<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you use an Accounting Software<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Which \u00c2\u00a0 Company Made it<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you have the Manual for it<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Can \u00c2\u00a0 it account for VAT<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Did \u00c2\u00a0 you turn on the Sales Tax Feature<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Did \u00c2\u00a0 you setup VAT (Sales Tax) Codes<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Did \u00c2\u00a0 you setup VAT (Sales Tax) Items<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Have \u00c2\u00a0 you setup a VAT Output Account in the COA<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Have \u00c2\u00a0 you setup VAT Input Accounts<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Approximately \u00c2\u00a0 how many products do you sell (Qty)<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Did \u00c2\u00a0 you configure VAT for each item sold<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Approximately \u00c2\u00a0 how many credit customers do you have<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 most of your customers pay you late (after 30 days)<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you do a lot of cash sales<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you do hire purchase<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Are \u00c2\u00a0 you aware of the VAT rules regarding financial services<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you issue a lot of credit notes<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
DO \u00c2\u00a0 you issue a lot of debit notes<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Did \u00c2\u00a0 you configure VAT for Each Customer<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Can \u00c2\u00a0 your software produce a VAT Return<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you know how to prepare the VAT Return<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
What method \u00c2\u00a0 would you use to produce the VAT Return<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Are you \u00c2\u00a0 using a \u00c2\u00a0POS system now<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Is it \u00c2\u00a0 configured for VAT<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Does \u00c2\u00a0 it integrate with your accounting software<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Would \u00c2\u00a0 you like it to be integrated with the Financial Accounting Software<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Are \u00c2\u00a0 your\u00c2\u00a0 computer generated invoices \u00e2\u20ac\u0153VAT \u00c2\u00a0 Ready\u00e2\u20ac\u009d<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
If \u00c2\u00a0 not, do you propose to make changes to its present format.<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you use manual invoices<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Are \u00c2\u00a0 they \u00e2\u20ac\u0153VAT Ready\u00e2\u20ac\u009d<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
When \u00c2\u00a0 do you intend to have them printed and ready<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you know that you will need to have manual invoices as a backup to the \u00c2\u00a0 computer generated invoices<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Are \u00c2\u00a0 your receipt books VAT Ready<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Are \u00c2\u00a0 your debit notes\u00c2\u00a0 VAT Ready<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Are \u00c2\u00a0 your credit notes VAT Ready<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you\u00c2\u00a0 export products\/services<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you sell VAT exempt items<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do you \u00c2\u00a0 sell zero rated items<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you have a \u00e2\u20ac\u0153good\u00e2\u20ac\u009d filing system to store bills , receipts, etc.<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you have a data backup system in place for storing electronic transactions<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you import products<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you buy on credit<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Do \u00c2\u00a0 you have a cash flow management system in place right now<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

By Cuthbert John, PMP, Project & Business Management Consultant. Tel 7584603035; Email: cuthbertjohn@pbmcaribbean.com<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

This week, we will look at the VAT readiness checklist which can assist businesses in determining their level of readiness for VAT implementation. The list is not at all exhaustive but provides some guidelines of some of the issues which businesses should be looking at.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[912],"tags":[],"_links":{"self":[{"href":"https:\/\/stluciasimplybeautiful.com\/v1\/wp-json\/wp\/v2\/posts\/1203"}],"collection":[{"href":"https:\/\/stluciasimplybeautiful.com\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stluciasimplybeautiful.com\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stluciasimplybeautiful.com\/v1\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stluciasimplybeautiful.com\/v1\/wp-json\/wp\/v2\/comments?post=1203"}],"version-history":[{"count":1,"href":"https:\/\/stluciasimplybeautiful.com\/v1\/wp-json\/wp\/v2\/posts\/1203\/revisions"}],"predecessor-version":[{"id":1204,"href":"https:\/\/stluciasimplybeautiful.com\/v1\/wp-json\/wp\/v2\/posts\/1203\/revisions\/1204"}],"wp:attachment":[{"href":"https:\/\/stluciasimplybeautiful.com\/v1\/wp-json\/wp\/v2\/media?parent=1203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stluciasimplybeautiful.com\/v1\/wp-json\/wp\/v2\/categories?post=1203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stluciasimplybeautiful.com\/v1\/wp-json\/wp\/v2\/tags?post=1203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}