In response to their own clients’ enquiries, three local entrepreneurs are hosting a practical Value Added Tax (VAT) seminar, aimed at preparing local businesses for the new tax slated for January 1, 2015.
Leigh Termath, publisher of Bahama Buy and Sell newspaper, said that she has been bombarded with questions from her own customers about how to prepare their businesses for VAT. Similarly, public relations expert Sarah Kirkby and well-known business consultant Billie Bowe, said their clients were also seeking practical advice.
The three women, who have worked together as Directors of the Grand Bahama Chamber of Commerce, decided to create a one day “boot camp” seminar, using local experts to help businesses prepare for VAT. Citing the busy schedule of entrepreneurs,
Kirkby stated, “We sought to find a way to give business owners and managers the bare bones, need-to-know information they can take away with them and implement.”
Bowe, a professional trainer, said that this seminar will provide valuable, hands-on information on how business operators can register their businesses, complete the necessary documentation, and more information specific to their unique businesses.
Representing many small businesses through her newspaper, Bahama Buy and Sell, Termath noted that many of her customers cannot afford accountants and will have to figure out how VAT works, on their own. They are struggling and just need to be pointed in the right direction and help in interpreting some of the more complicated parts of the Legislation and Guidelines of VAT.
The seminar, which will be held at Pelican Bay’s conference centre in the Delphine Room will present an overview of all industries’ VAT needs because the day-to-day operations of a business does not just encompass their own industry.
“A doctor may consider buying a new car, so would need to know what that entails as far as VAT and everyone needs to know what taxes will be charged for certain areas of Education, Financial Services, Healthcare, etc …” said Termath. “So instead of being restricted to a seminar focused on just your industry, this will give you information on everything VAT.”
Organizers have been working with local account experts who have working knowledge of the VAT system under the UK structure as well as the Government’s VAT Team in Grand Bahama to assist them.
“Our goal is to help our fellow business persons understand the VAT process,” said Kirkby. “We are still hoping that VAT exemptions for service under the Hawksbill Creek Agreement will be exempt but we must be prepared for whatever decisions are made.”
A “boot camp” seminar means it will be fast and furious – hardcore learning – “as much as the experts can cram down your throats in one day,” explained Termath.
Attendees will be provided the tools they need to register properly, prepare their business to operate efficiently under the new tax regime, to understand the rudiments of the new system and how to remain calm with these uncertain changes.
Seats are limited but space is still available, interested persons should contact Barefoot Marketing at 352-4578 or email [email protected]
Visit the Facebook event page for more infomation:: https://www.facebook.com/events/598614620245207/?fref=ts