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 …
Tag Archives: accounting
Global VAT Compliance: How can J&P Help Me?
What are the first steps to take when expanding your online business so that you can start selling products in other countries? If you want to trade in Europe, how can you comply with the tax laws of the country that you are selling in? If you are an online business planning to sell products …
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eBay Sellers: The £1,000 Tax-Free Allowance You May Not Know About
As an online trader who sells on online marketplaces, you may be familiar with the differences between eBay and Amazon – eBay is better suited for individuals and sole traders, and Amazon is a platform oriented towards third-party sellers and small businesses. That said, this is not the only difference between these two, as there …
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R&D Tax Relief – Is your company eligible?
What is R&D Tax Relief? R&D Tax Relief is the term used to describe when companies are awarded R&D Tax Credits. “R&D” stands for “Research & Development” in R&D Tax Credits. These particular tax credits are special in the sense that they are designed to reward innovation and fuel growth. For businesses that invest in …
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PSD2 and Strong Customer Authentication (SCA) – How will they affect me?
What are PSD2 and SCA? On 14 September 2019, the Payments Service Directive 2 (PSD2) will come into effect. This is a new regulation that was passed by the EU in 2015, designed to make online payments more secure for both the merchant and the customer. The directive enables consumers and businesses to use third-party …
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A Guide To Full Payment Submissions and Earlier Year Updates
If you are an employer, under Real Time Information (RTI) you are required to submit a Full Payment Submission (FPS) to HMRC every time you pay your employees. The deadline for the amended Full Payment Submission (FPS) for Tax Year 2018/2019 is 19th April 2019 in which you need to report your employees’ pay, any …
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Making Tax Digital: 1 Million Businesses Still Left To Comply
Although the government initiative Making Tax Digital is now live, it is estimated that around 1 million businesses still need to sign up. Approximately only 70,000 businesses have now registered, which is 4% of all UK businesses. A Freedom of Information Request submitted to HMRC by cashflow forecasting software firm Float has revealed that approximately …
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Tax Year 2019-2020: How To Prepare Your Business
April can be a daunting time for many small-to-medium businesses, with the end of the current tax year and the start of a new one. New tax rates and thresholds have to be taken into account, and it can be difficult for businesses to prepare for all of these changes on top of making sure …
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Trading In a No-Deal Brexit: How Transitional Simplified Procedures Can Make Importing Easier For Your Business
As discussed in our previous article, the EU has now granted the UK until the 12th April to seek a further extension or leave the EU without a deal. If your business trades with EU countries and we leave without a deal, you will need to follow the same processes that apply when trading with …
Corporate Tax, Where Do I Start?
We understand that it can be tedious and sometimes challenging for a business to maintain its bookkeeping, pay taxes, and keep up to date with VAT regulations and on top of that run a successful business. So, here we’ve included a step by step guide on how to pay your business’s Corporate Tax. What is …
J&P Accountants: Blog 