Does a UK High School, Academy enjoy to repay VAT?
Can anyone help me here, if you can join a source that would be great too.Answers: Generally speaking, the provision of education is an exempt service, so school do not have to charge VAT on tuition fees or related items.
They may, however, also trade contained by other items which might be subject to VAT.
Because they are exempt they are not able to reclaim any VAT compensated on items bought for the school, such as stationery, etc.
The directive granting the exemption is contained in the Value Added Tax Act 1994 Schedule 9 Group 6. It is not what I would beckon leisure reading!
VAT on what?
I work within a school shop and depending on the size we do charge VAT on uniform. Only on adult/larger sizes.
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Tax Question for small (home) business?
Where do I put in deduction for my small business. I filled them into the form 1040 lower than "Employee Business Expenses," and it didn't do anything to change my return amount. Is this run of the mill, or did I just permeate it into the wrong spaces? There is also (in form 1040) "Misc. Deductions," should I have occupied it in at hand under "Other"? Thank you.Answers: You will want to fill out a Schedule C, next to all the income and expenses from the business.
Employee Business Expenses are for items related to self an employee of another personality, and you have to jump above 2% of your AGI with those costs earlier you see a difference to your taxes. This deduction go towards your Itemized deductions, so if you don't walk over the Standard deduction amount, you also won't see any difference on your taxes.
Did you saturate out your schedule C? That is the form that you should use to determine your profit or loss. Call the internal revenue service for more information, or draw from an accountant to help you.
Is the stimulus check based on your 06 taxes or 07?
Answers: The compromise Congressional rebate bill depends on your 2007 income and Federal Income Taxes.
Under the terms of the compromise bill, you would be eligible to receive a rebate of up to $600 if you paid that much in 2007 Federal Income Tax. If you only paid $350 in taxes (less than the $600 rebate limit), you only get back $350. Similarly, married taxpayers filing jointly are eligible for rebates up to $1200. If you had 2007 earned income of at least $3000, you would get at least the minimum rebate of $300. If you qualify for a rebate, you would get an additional $300 for each dependent child.
While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.
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