Unusual States Tax/VAT Question
I have been reviewing an opportunity to purchase a very similar business to ourselves in the states, the turnover is around 500,000 usd before costs/expenses. So my question is how is vat & tax calculated.
In the UK we have a VAT threshold and once hit we need to charge VAT- is it the same in the states? If it makes a difference, it is based in California.
Or is what you pay to the government based on your profit?
Thanks guys any help is appreciated.
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