VAT-VAT What business people need to know before being fined ❗

VAT-VAT What business people need to know before being fined ❗

Running a good business has many things that you shouldn't overlook. In particular, the value-added tax (VAT) matters that you need to learn to prevent tax mistakes that could come back to hit you later when the IRS detects them. That's why today we've come up with a great article on 9 things business owners should know about. Value Added Tax (VAT) before the Revenue Department turns to check and play back against you But there will be something to follow together.

1. When is the VAT registered?

The easiest answer would be You can take notes when you want to. If our business is a business that is subject to VAT and wants to use input tax to be deducted from the sales tax amount. The faster the recording is the better. But if not in a hurry We will be required by law to register when our income reaches 1.8 million baht during the year. If what year is this criterion? This means that we have an obligation to register for VAT immediately.

2. What does this 1.8 million baht income mean?

The principle of VAT will have 2 types of income, that is, income that is exempt from VAT and income that is subject to VAT. The count of 1.8 million baht will be counted when the total income that is subject to VAT exceeds 1.8 million baht. Count the amount of income that is exempt.

for example Mr. Bak Nom is a salaryman with an annual income of 2 million baht (income exempt from VAT) and income from online food sales of 1 million baht (income subject to VAT). to take or not to take Because there is still income that is subject to VAT that does not reach the threshold prescribed by law.

3. In the case of joining together

Counting income that is subject to VAT will be counted in the form of entrepreneurship, that is, if the business is jointly organized, for example, a husband and wife work together to run an online food business. This will count the income that must be registered for VAT combined from this business whether it reaches 1.8 million baht or not. If not, you can choose not to write it down.

which in the case of husband and wife Income in this section that is subject to personal income tax can also be used to separate filing or share income. because it is a different type of tax

4. Do individuals have to register for VAT?

Many people tend to confuse between The form of business and the payment of VAT. The business model is related to income tax, such as natural persons, personal income tax, juristic person (company or partnership) pays corporate income tax. But in the case of VAT will look at the entrepreneurship of that operator without caring about the business model Therefore, whether it is a natural person or a juristic person, they are obliged to register for VAT. When the income reaches the threshold specified by law

5. Do you have regular income and supplementary income together? What do you have to think about?

Here, the same principle applies to number 2, that is, if the total income that is subject to VAT reaches 1.8 million baht, then the VAT must be registered correctly.

6. There are many branches, including counting separately.

Paying VAT is seen as a business. If many branches that are our names are considered the same business. So it counts the total. But if each branch has different people or owners This depends on which branch will reach the criteria that must be recorded. (It's important to define the word entrepreneur.)

7. Where do you take notes?

Registration today can be done in 2 channels. Contact via the Area Revenue Branch Office or register via the Internet at the Revenue Department website at the VAT service page SBT ONLINE.

By not registering for VAT when the income reaches that threshold, it is illegal. If it is found in addition to the tax that must be paid Operators are also obliged to pay fines. (The most is 2 times the tax paid) and additional money (1.5% per month of the tax to be paid) as well.

8. What do you need to do after writing it down?

After VAT registration Entrepreneurs are responsible for the following

- Prepare tax invoices By issuing every time when selling products or providing services and there is a tax liability point such as selling products = deliver or service = payment.

- Prepare relevant reports input tax report Sales tax report and inventory and raw material report

- Bring the sales tax amount (that we issued) to be deducted with input tax (paid) and remit VAT with Phor Por 30 form in every month by the 15th of the following month. (may be extended in some cases)

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