In this module, Suzi covers VAT - something that is a good thing for cake makers. Suzi gives you all the information you need to enable you to make an informed decision about whether to register your business for VAT

MODULE 8: "VAT"

This module covers VAT and in particular:

• What is VAT?
• Where does it apply?
• When does VAT apply?
• Compulsory vs voluntary registration rules
• Why you might choose to register early for VAT if you only make cakes
• Rolling 12 month periods in assessing whether you may cross the VAT threshold
• What happens if you do not register for VAT after crossing the threshold
• Standard rate VAT, reduced rate VAT, zero rated and exempt - which one applies to your cake business
• The Jaffa cakes story and what is a cake and what is a biscuit!
• The VAT rate for cakes
• Whether using chocolate or other ingredients in cakes makes a difference to cake makers and VAT
• Reclaiming VAT you have paid once you are registered
• Reclaiming VAT as you go forward on a monthly or quarterly basis and
• When something is a purchase for "business purposes"
• Why you should record VAT you have paid out on a spreadsheet to know when you paid it and what you paid for at least 4 years.
• Why you must keep your VAT receipts
• What if your business is more than just selling cakes and how does the VAT work then?
• How do you register for VAT
• What if I have a temporary income spike that takes me over teh threshold for the short term
• What is an "exception" registration (ie for a big wedding order)
• If you register, should you increase your prices by 20% or absorb it (when not cake)
• How to calculate what the VAT is on an item
• How to you add VAT on to a price and how to you work out the price before VAT was added on
• Conclusions

Who teaches the class?

Suzi teaches the cake business online tutorials based on sell out face to face business classes. Having used the model herself and having taught hundreds of students who have gone on to set up and run highly successful businesses, Suzi knows that her model works - and works well.

Suzi has years of experience working in the cake industry but also draws on 11 years business experience (prior to making cakes) working in some of the most powerful markets in the world. You will gain the benefit of her experience in setting up a cupcake business based on the model of Pretty Witty Cakes but in addition you will benefit from her knowledge gained as a top lawyer in the City of London where she was employed by some of the world’s highest ranking law firms. Suzi also draws on many of the skills she learnt at Oxford University where she obtained a 1st class honours degree.

Why follow online?

Unlike live classes, the online cake business tutorials enable you to stop and rewind as much as you like. You can also ask questions any time under the video or in the forum. The business module will consist of a series of up to 50 different parts released over coming months and each part will have it's own set of downloadable templates and precedent documents - all created by Suzi for you to use at home.

During the Cake Business Tutorials, Suzi will talk about all the tricks of the trade, insider tips and techniques to make your business stand out from the rest. Most importantly, she will cover all the essential topics that you need to know about to QUICKLY set up your business so you can start making profits within a short space of time rather than wasting time and money researching everything for yourself.

Other Projects in this Business Section

Future and current modules will include everything that is relevant to running a cake business from home including:

• Things to consider before you start
• Kitchen registration
• Food Hygiene Exams and Qualifications
• Naming your business
• Choosing the best formation (i.e. sole trader, limited company, partnership etc).
• How to create a website which performs well and will attract customers.
• How to effectively advertise your business to bring in customers.
• Pricing – How to set prices for the products you are selling.
• How to deal with customers, wedding consultations, corporate clients and suppliers.
• How to watermark and copyright your photos and what to do if your photos are stolen online. (For photography, see our Food Photography Class).
• How to stand out above your competition and how best to deal with competing businesses.
• Identifying your strengths and weaknesses and applying them to your business.
• A fast understanding of the necessary things you need to know about spread sheets, invoices and accounting
• A detailed understanding of tax including VAT, why it may be relevant to you and the differences between trading as a sole trader and a limited company.
• What insurances you need and why.
• How to run a successful business around your children.
• Difficult business partners and/or customers
• How to avoid burnout when running your own business
• Who does a VAT return

And much more more to be revealed...

All content in the videos, templates, downloads, fact packs and materials in the online tutorials is copyright to Pretty Witty Cakes.  You can use for the purposes of running a business making cakes but not for teaching business classes. You cannot sell, distribute, upload or otherwise use any material from the templates or materials tab without permission.