Quote:
Originally Posted by MaDalton
the only thing that is correct here is that you either receive or pay a balance
but as a business you receive back all VAT on business expenses and the VAT you collect from your clients is and never was your money anyways and you just pass it on
when - like us - you never collect VAT (actually only from CZ clients), we just receive all VAT back we paid on business expenses
seriously - am i the only one who knows how this works?
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I know that too
But problem is with vat as how you need to pay it every month(or every 3 months,depending on amount),and that money could be used for something else.While income tax is much easier to deal with it as it is executed only once a year and you can minimize it by investing on end of year.