Now that the implementation of Value Added Tax (VAT) has commenced, from January 1, 2015, businesses have been dealing with this new regime, with varying levels of success. Their direction is now focused towards filing the first VAT return, which, for most, will be in April.
To this end, a new VAT “Bootcamp” is being held on Thursday February 19, to facilitate this process. This is part of the popular Bootcamp Series, which started in November 2014. The Bootcamps were started by 2 B’s productions, comprising of Sarah Kirkby of Barefoot Marketing and Leigh Termath of Bahama Buy and Sell. These two business women were responding to the needs of their clients who were looking for practical information about VAT.
To date, over 100 businesses have attended their seminars and have been armed with the information needed to register for VAT and implement it within their company’s operations.
The implementation of VAT has been met with varying levels of success, when companies were faced with specific instances that did not necessarily fit the standard regime of VAT. There have been, across The Bahamas, thousands of instances of concern by businesses, which probably could not have been known until they saw how VAT calculations would affect their pricing and daily operations.
The cry for help continues, especially when being faced with the first VAT Return, where businesses must file a return that details their Input Tax paid and Output Tax charged. Many people are concerned about whether they have been keeping their records correctly.
The VAT Returns Bootcamp will address these issues. The full day seminar will start with updates that have been implemented since January 1, that businesses may not be aware of.
Then, accountant Christopher Baker of HLB Galanis & Co., will go over accounting records to ensure that attendees are doing everything correctly. It is especially important to be addressing this now, so that when it comes time to file a return, all information is in place. It would be very inconvenient if people discovered that they were keeping inaccurate records and have to go back and correct three months worth of information. Mr. Baker is a UK trained chartered accountant who has immersed himself in the VAT process for his local clients in Grand Bahama. The seminar is a great opportunity to have the consultancy of a top accountant on the island to address any particular issues.
Attendees will also be guided through the process of filing a return, step by step, using Bahamas Government videos and real examples to help them see how they will use their own records to complete a return.
In addition, a top broker will be on hand to discuss how Customs duties and the implementation of them have changed.
The seminar is limited to 75 spaces. The first seminar, held in November, sold out, and this is expected to as well, as most of those same people are expected to continue their VAT education with this one. Interested persons should contact Barefoot Marketing at 352-4578 to find out more and to register.
Seats are limited but space is still available, interested persons should contact Barefoot Marketing at 352-4578 or email [email protected] .