Monday, 10 March 2014

The Joys of VAT

Well here we are 10th March already - how did that happen? They say that time goes by faster the older you get - well enough said on that subject!

One of my main suppliers in Denmark has said they will no longer supply me without a VAT number, and although my turnover is not (yet) sufficient to force me to register I decided to do so voluntarily. So I am proud to announce that I have a new VAT number which comes into effect on 1 April 2014 (no that is not an April Fools joke early - it really does!)

What I hadn't appreciated was the work that is involved in setting this up. Firstly I need to do an accurate stock take - this has proved very time consuming as I have almost 1000 different products and although on paper I have a record of the stock I thought this would be a good time to physically count everything to verify that paperwork. So picture if you can, me clambering about in the loft counting polystyrene balls that don't seem to want to stay still! Add to that beads, threads, washi tape, craft kits ...........  I think you get the idea now.  Next to tackle is the paperwork - need to do a quarterly VAT return, add VAT details to my invoices and add extra columns to my accounts. That doesn't seem too difficult!

So with the stock counted, and new files marked VAT on the shelf all that is left is to amend the price of every single item on the website to show the VAT content.

I started this blog by saying time is Marching on very quickly - is there enough time left to get all the above done by 1 April?  Of course there is if I don't sleep! More to the point when will I get time to knit and play with my beads. So tune in next time to see how I am getting on and if I have retained my sanity through it all!

I will leave you with this thought: A man who works with his hands is a laborer, a man who works with his hands and his head is a craftsman, but a man who works with his hands, head and heart is an artist.

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