Welcome to the CPA in Your Corner podcast! In today's show we talked about the new VAT tax for 2015 and how it impacts online business owners, particularly those who sell digital products such as eBooks, videos, and music.
We explored how the VAT tax can impact a business owner's bottom line, and the complexities surrounding the paperwork that needs to be done to pay the tax. We also provided potential solutions that can make the process easier.
Here's what you'll learn:
- What VAT stands for
- The countries that are impacted by this tax
- What you can do if you'd prefer not to deal with this tax
- New businesses that have been spawned as a result of the VAT tax
- The types of records business owners will have to keep and how long they have to keep them
- How to stay on top of what's happening with the VAT tax
- . . . and so much more!
Conversations and Celebrations
In this section of the podcast we share a true story about a client or situation that's worth celebrating. In today's show we talked about a tool that can reduce the amount of work that a business owner or a VA has to do. The tool is HubDoc. The thing that makes this tool so great is that it retrieves all of your financial data from various accounts such as PayPal, your bank, and any other sites where you are are invoiced and automatically pulls it into a document management system.
Much to the delight of our clients, HubDoc is included in Anchor 3 package and above here at The Bottom Line. One of our clients said, “You know I've been looking for something like this FOREVER. It's everything–I've tried everything and it didn't quite do the job. I'm so excited about this.” Music to our ears!
The Power Play
Make a plan for the VAT tax. Assess your business, decide if the VAT tax is applicable for you, and figure out your processes to make sure you're in compliance.
We hope that our podcast inspires you and provides helpful information as you build your online business!
Links and resources mentioned in today's show:
Thank you for listening! We can't begin to tell you how much we appreciate it! If you enjoyed today's show, please share it with your friends and family! Our goal is to help as many online entrepreneurs as possible fix their finances! Help us help them by spreading the word!
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Were you aware of the VAT tax? How do you feel it will impact your business? Share your thoughts in the comments below!