by handling VAT registration, setting VAT rates, creating and filing VAT returns, and much more
Value Added Tax (VAT) or Goods and Services Tax (GST) is the tax added to goods or services at every step of production or distribution. The amount to be paid is decided by the state in which the enterprise is located. Here, it is end-consumers that pay for all the taxes because they are not permitted to recover VAT on purchases; only business can do so.
The laws on VAT differ from country to country. So, the threshold at which VAT registration becomes compulsory also differs. Most often businesses are required to be registered.
Calculation and managing your VAT returns can be challenging especially when many stages are involved. That is why Codejig is providing you with a software for VAT returns. This software will help you with all the VAT calculations and responsibilities.
Benefits of using Codejig VAT software
Submit your VAT return promptly
Using our VAT accounting software, you will be able to create, manage, track, and submit your VAT returns with ease. Worrying about your VAT responsibilities will be a thing of the past.
Automate all your VAT processes
There are many responsibilities that come with being registered as a VAT payer. This also means that you become eligible for VAT returns. Our VAT software will automate all those processes, making it easy for you to understand. Using our online VAT software, you will also have the possibility to register as a VAT-payer in multiple countries. You can also notify the system when your VAT registration is canceled so that all the transactions and operations regarding VAT are turned off.
Create your VAT reports with ease
Creating VAT reports becomes easy and smooth using our VAT accounting software. You will be able to automatically generate autocomplete VAT returns within seconds. All you need to do is to choose the period for which you want to calculate the VAT return. With this, you will get an error-free report.
Easily add goods to your declaration
With the Codejig VAT software, you do not have to go through all the headaches of creating customs import declaration. The software will automatically use all your products and their details from documents such as invoices or receipts to create the declaration. This way, no goods or services will be left out since you are not adding them manually.
Access your VAT reports from any location
The Codejig cloud-based VAT accounting software stores all your information on a cloud, making it available from any location with an internet connection.
Benefits of VAT registration
Even though VAT registration is compulsory after a certain threshold which may differ in different countries, as a startup, you can still register voluntarily. Here are some benefits of doing that:
Prevent financial penalties
Many businesses do not notice when their turnover figure has passed the threshold for registration. With this, they start to incur penalties without even knowing. To avoid this trouble, it is better to register earlier.
Build up business profile
As a startup, competing against big enterprises can be challenging. One of the ways to get past this challenge is by VAT registration. Once you register, a VAT number is assigned to you that can be placed on all your documents such as emails, invoices, letters, etc. This gives the impression that your company is established, big, and legit. Also, more people will be willing to do business with your enterprise once it is registered.
Recover the VAT you paid previously
You become eligible to recover the VAT paid previously after a period of 4 years when you do the VAT registration. Even if your business has not attained the threshold by this time, you are still able to recover the VAT if you have the proper documents to prove it. This can significantly boost the income of your business.
Registering for VAT without a proper software to calculate and manage your transactions is almost as challenging as not registering at all. The Codejig VAT software will take care of all your VAT needs.