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Showing posts from April, 2021

How to Pay VAT in the UK

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  Howto Pay VAT in the UK Whether you are a sole trader or limited company new startup or an early-stage business and have just recently registered for v80 in the UK. One of the questions on your mind may be how do you actually pay your business vat bill. We will explain when do you need to pay your vat options as to how to pay your vat how to set up a direct debit for that with HMRC.   When do you need to pay VAT? So, let's explain the when question using a common example Mr. p runs a business in the UK. And is v80 registered on the standard scheme of his business? Business's VAT quarters are January to march, April to June, July to September, and October to December. All of which runs from the beginning to the end of the calendar months. So, from the first January to the 31st of March quarter. Mr. p's vat return needs to be completed and submitted by the 7th of my latest. So, for every quarter a vat return is due to be completed. Submitted to HMRC within one m

Self-Assessment Tax Return 3-Steps to Avoid a HMRC Tax

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  Self-Assessment Tax Return UK: 3-Steps to Avoid a HMRC Tax Investigation: Self-assessment season is upon us and if you are required to do so you have until the 31st of January to complete. Submit your tax return here in the U K for the previous tax year one of the aspects of the self-assessment system. What you should be aware of and maybe have faced in the past are HMRC inquiries and investigations into your tax returns. We will cover what is a HMRC tax inquiry? what normally prompts an inquiry? and three steps you should take to reduce the risk of an inquiry. What exactly  is an HMRC inquiry? When you complete and submit your self-assessment tax return by the 31st of January every year HMRC immediately processes your tax return. Make it secure and right. Now have a powerful and advanced computer system and software that does this for them and with the push to digitization and HMRC. So, unless you hear otherwise from HMRC. This is what is known as a process now check

Ecommerce Accounting and Reporting Requirements 2021

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  Ecommerce Accounting and Reporting Requirements 2021: You may already be or are planning to become an e-commerce trading business then one of the thoughts in your mind should be. How does the accounting and tax work for e-commerce businesses e-commerce often involves selling into multiple tax jurisdictions? Sometimes with products being dispatched from multiple taxes jurisdictions creating a web of authorities that need to be reported to potentially. What exactly  is eCommerce? The first e-commerce transaction is thought to have taken place in 1994. Involved the sale of a compact disc known as a cd by the well-known artist sting fast forward 27 years. So, and it would be hard to imagine a world without e-commerce as. It has become more and more prevalent in our daily lives put simply. If your company grab in the sale of goods. Then the business would be involved in e-commerce transactions your business could be selling on its own. Website selling directly on online plat