Month: January 2015

Mini-Bootcamp To Address VAT Confusion

Sarah and Leigh

Since the implementation of Value Added Tax (VAT) on January 1, there has been a lot of confusion about how it works. Many consumers and business persons alike have not been able to get a handle on how the tax should be added and charged.

In response to this confusion, the Practical VAT Bootcamp is back with a mini-camp. This training series, which started last November, offers practical advice for businesses on how to correctly implement Vat into their businesses.

Almost 100 people have attended the bootcamps, which is presented by 2B’s Productions, comprising of business owners and entrepreneurs, Sarah Kirkby of Barefoot Marketing, and Leigh Termath of Bahama Buy and Sell newspaper.

Termath found that, over Christmas, as she was interacting with her own customers, many small businesses were still unprepared, even just days before the enactment of VAT on January 1. “I was very surprised that many businesses still had unanswered questions. In addition, many of them were under the threshold for mandatory registration of $100,000 in sales and they wondered if it was a good business decision for them to register for VAT. Still others had registered but were unsure as to whether they had set up their systems correctly.”

It was then determined that even though 2B’s had presented two very successful bootcamps, still more education was needed, particularly to address the needs of small businesses.

“A very important thing that needs to be addressed,” stated Sarah Kirkby, who, as the President of Barefoot Marketing, has guided many businesses towards successful customer communications, “is how businesses are relating to their customers and advising them how the process works. None of us like the tax, but businesses can help by making sure their signage is correct, processes run smoothly and their staff are trained.”

In addition, last minute revisions to the Tax Guidelines were published right up until the last day of 2014. Some of these changes will cause businesses to adjust the plans they already made. Other changes had not even taken place yet and updates were, and still are being made almost daily.

The VAT Mini-Bootcamp will address these issues and help business owners and their staff move forward confidently with the new tax regime. In addition, the presenters will provide the tools for persons to find out more, keep learning and make practical decisions about their business.

“This is not an accounting seminar” says Kirkby, “But rather a practical discussion on how to operate your business correctly in this new environment.”

“Every business is different.” adds Termath. “This mini-bootcamp will help attendees figure out the solutions to their problems so that owners and managers can comply with all government requirements and continue to operate their businesses profitably and keep their customers.”

The Mini Bootcamp will be held on Friday January 23rd from 10am-12pm and the cost is $35 (VAT Inclusive). You may register by calling Barefoot Marketing at 352-4578 or Bahama Buy and Sell at 351-9157. The seminar will be held at The Grand Bahama Chamber of Commerce’s meeting room and space is limited. Advance Registration is required.