We’ve done a bit of research and here are a few recommendations we have found:
Review VAT exemptions and reduced rates
For example, legislation specifically exempts “other closely related goods” such as ‘goods and services provided by the private school for the direct use of their pupils’. This could include school meals, transport, exam fees, books and stationary.
Update fee structures
Once you know how VAT will affect your services, it could be time to adjust your fee structures - transparency is key! According to the government, after reclaiming VAT paid on inputs such as capital expenditure and purchases of educational supplies it is expected that schools will be liable for about 15% of their fee income (although this will vary between schools).
What about reclaiming VAT?
VAT can be reclaimed on goods and services used to make taxable supplies such as education and boarding. Additionally, the capital goods scheme enables you to potentially reclaim VAT you have incurred on capital items which are less than 10 years old…might be well worth a look into.
Save costs on future purchases
Wear and tear is another constant challenge for schools to navigate and with budgets becoming tighter and tighter, schools have to make careful decisions about where best to spend their money. Sacrificing quality for price is often a decision many are forced to take, but fast wear often means that that choice does not pay off as they are forced to repurchase sooner.
The Solution: Our Thai Furniture
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