7.5. Tax Forecast / Financial and Organizational Model of a Community Beauty Salon.

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7.5. Tax Forecast -  Financial section

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Tax forecast

Indicator name	unit of meas.	1 month	2  month	3  month	4  month	5  month	6  month	In all
1. Social security contributions	Euro	2233,66	2263,40	2263,40	2286,32	2308,63	2339,00	13694,40
2. Contributions to Guarantee Fund	Euro	7,21	7,30	7,30	7,38	7,45	7,55	44,19
3. VAT is payable to budget	Euro	-	3015,33	4639,06	4731,01	4800,15	3865,15	21050,70
4. Corporate Income Tax (5%)	Euro	-	-	-	-	-	-	-
In all	Euro	2240,87	5286,03	6909,76	7024,71	7116,23	6211,70	34789,29

Social security contributions and contributions to the Guarantee Fund are calculated in Table 9.1.

The VAT payable to the state budget is taken from Table 15. Since the VAT payable for the first month is negative, this amount will either be refunded to the company by the state in the second month or used to reduce the VAT liability for the following month; consequently, the company will pay 3015.33 Litas in the second month.

Corporate income tax is calculated in Table 14. As the company has only just commenced operations, it has incurred a loss. Since corporate income tax is levied on profit, the company will not be liable for corporate income tax for this half-year.

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Kirpejo Menas - 7. Finansine Dalis

7.4.  >>>

7.4. VAT of forecast / Financial and Organizational Model of a Community Beauty Salon.

 

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VAT of forecast - Financial section

7.3.  >>>

VAT remittance forecast

Indicator name	unit of meas.	1 month	2 month	3 month	4 month	5 month	6 month	in all
1	2	3	4	5	6	7	8
1. Sales (excluding VAT):	Euro	22255,10	22694,10	22694,10	23131,95	23461,20	24008,80	138245,25
1.1. Provided services	Euro	22255,10	22694,10	22694,10	23131,95	23461,20	24008,80	138245,25
2. Sales VAT	Euro	4673,57	4765,76	4765,76	4857,71	4926,85	5041,85	29031,50
3. Sales (inclusing VAT)	Euro	26928,67	27459,86	27459,86	27989,66	28388,05	29050,65	167276,75
4. Purchases (incl. VAT):	Euro	36284,43	730,03	730,03	730,03	730,03	6780,03	45984,58
4.1. Communication services	Euro	108,9	108,9	108,9	108,9	108,9	108,9	653,40
4.2. Waste removal	Euro	60,5	60,5	60,5	60,5	60,5	60,5	363,00
4.3. Raw materials for first mouth	Euro	-	-	-	-	-	6050,00	6050,00
4.4. Advertising	Euro	403,33	403,33	403,33	403,33	403,34	403,34	2420,02
4.4. Rental services	Euro	157,30	157,30	157,30	157,30	157,30	157,30	943,80
4.5. Purchased before registration of the company:	Euro	35554,40	-	-	-	-	-	35554,40
4.5.1. Last of time raw materials	Euro	4182,97	-	-	-	-	-	4182,97
4.5.2.  Current assets	Euro	28733,63	-	-	-	-	-	28733,63
4.5.3.  Advertising before production of services	Euro	2420,00						2420,00
4.5.4. Subscription prior to activity	Euro	217,8						217,80
5. Purchase with VAT	Euro	6297,30	126,70	126,70	126,70	126,70	1176,70	7980,79
6. Purchase without VAT	Euro	29987,13	603,33	603,33	603,33	603,33	5603,33	38003,79
7. VAT payable to the budget	Euro	-1623,73	4639,06	4639,06	4731,01	4800,15	3865,15	21050,70

Data on sales and services provided are taken from Table 14; VAT on sales is calculated at a rate of 21 percent of the sales amount.

Communication costs and waste removal expenses are taken from Table 13 and increased by 21%.

It is estimated that raw materials costing 6,050 Lithuanian litas will be required in July; therefore, VAT will be added to this amount.

The rental price includes production and administrative premises, including VAT.

The source data for January are taken from the second and third tables (4,182.97) and calculated inclusive of VAT.

Current assets were derived from Table 8 by summing the material costs for all six months (32,916.60)—excluding the costs for January (4,182.97)—and were calculated inclusive of VAT. Advertising and subscription expenses were taken from Table 6 and calculated inclusive of VAT.

Input VAT is calculated using the formula: Purchases including VAT × 0.21 / 1.21.

The VAT payable to the budget is calculated as the difference between output VAT and input VAT.

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VAT of forecast - Financial section

7.3.  >>>