In order to avoid tax fraud and increase the accuracy of VAT reporting, tax administrations around the world are adopting an electronic invoicing system which enables tax authorities to have a consistent approach to managing tax audits. This system is known as the Standard Audit File for Tax, and it is becoming an increasingly popular …
Category Archives: accounting
Tax Avoidance V Tax Evasion
Let’s face it. Nobody likes paying tax. It is a necessary duty we all have to perform, even if we don’t necessarily like it. So here is a thought. Can a good tax accountant help me save money? Yes, he can. And more so, he can help you stay within the law. Careful! There is …
Accrual Accounting VS Cash Accounting
In every business, some transactions are recognised and recorded that relate to revenue. There are two different accounting system methods available that relate to the recording of transactions which is known as cash system accounting and accrual system of accounting. The only difference between the two methods is the bookkeeping entry which is timing. The …
Selecting a Legal Structure for Your New Business
When venturing into the world of business for the first time, it can feel rather daunting not knowing where to start and whom to turn to for guidance. One of the first things to consider when forming a new business is choosing a legal structure for it, which can either be a sole trader, limited …
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