In relation to your business, you should include the following as Zakatable assets below where relevant.
- Goods for Sale* (Wholesale Price or Retail Price)
- Inventory* (Wholesale Price or Retail Price)
- Work in progress (at cost)
- Raw materials (at cost)
*We follow the opinion that Zakat is due upon the wholesale price of your inventory or goods for sale.
What do we mean by Wholesale price? If someone wanted to buy this inventory or your goods in bulk what price would you sell it to them for. This would be liable portion of your Zakat and if you pay lower than this that you are underpaying your Zakat.
If however you decide to pay on the Retail price then you are going above the requirement of whats liable and doing ihsaan as many scholars have stated as your Zakat will benefit more people as you are paying more.
If you have business liabilities to offset against these assets, then you will be able to enter these in the next section.
Important: If you find that your business liabilities payable between now and your Zakat due date exceed your business assets, then please omit all business details from your Zakat calculation since this will affect the Zakat that you may owe in a personal capacity.
Please only include business assets in line with your % ownership of the business.