The Tribune

Two Grand Bahama entrepreneurs attracted 80 business persons to a VAT Bootcamp seminar held earlier this month.

Sarah Kirkby, of Barefoot Marketing, and Leigh Termath, of Bahama Buy and Sell, organised the seminar in response to client concerns.

Their own customers had told them they were not prepared for Value-Added Tax (VAT), and did not feel they were equipped with the tools to adequately prepare their business.

Mrs Kirkby and Ms Termath then worked with accountants to develop an intense one-day bootcamp that would give attendees as much information as possible.

Christopher Baker, of HLB Galanis, outlined all the registration requirements for VAT, noting that this process must be completed by November 30.

The second morning session, presented by Mr Baker and Ms Termath, gave an overview of VAT; how it will be charged out; how businesses are to keep their records; and many other requirements.

Ms Termath said: “Some of our attendees had been to other seminars, whether given by the Government or at industry meetings, but felt it was important to have all the key facts reinforced again and again.”

The early afternoon session saw an overview of how Quickbooks can be adapted to accommodate VAT, given that this is a new thing for Bahamian businesses. Mr Baker was able to show how a company’s existing Quickbooks programme can work.

The final session was an overview of all industries, as the team felt owners and their employees needed to know “everything” about VAT so they could plan for things such as car purchases, education and insurance.

With the Government updating its VAT information daily, the Practical VAT Bootcamp has set up its own private Facebook group to give attendees the latest details as they come in.

Another seminar is scheduled for November 25 at the Grand Bahama Chamber of Commerce. The ‘VAT Bootcamp Express’ will provide the latest information on VAT guidelines, registration and accounting records.

This is an all-day event for $125 with limited seating, and an afternoon session of $50 will give an overview of all of the industry guidelines.