Value Added Tax (VAT)

Reverse charge mechanism

Reverse charge – the shift in tax liability easily explained + example

Many US-based entrepreneurs are still puzzled by the reverse charge. The procedure is all about transferring tax liability from the service providers to respective beneficiaries. In other words, the latter must settle the payment of taxes with the tax office. This is said to have saved time and prevented frauds in the past. What must be considered, and who is directly involved? Read on for an...

Value added tax (VAT)

What is VAT? The basics explained

Everyone has to deal with value added tax (VAT) in some form or other. But what is VAT exactly? And who actually has to pay it? Which products does it apply to? How do you calculate VAT? The most important information on value added tax at a glance.

Input tax: sales tax made simple

Input tax: claiming tax rebates through tax deduction

Complicated tax regulations can be a minefield, causing confusion for entrepreneurs year after year. But it’s worth being fully aware of tax legislation within the United Kingdom; you could be entitled to a refund for the VAT spent on business operations. But how does this essential part of the tax law work? In this handy guide, we explain the concept of input tax and value added tax (VAT), as...

VAT registration number

All you need to know about VAT numbers

There are many exceptions and special regulations in VAT law - especially for transactions between companies operating in different EU countries. To ensure that tax collection functions smoothly for sales within the EU, VAT numbers are given to businesses, but only to those that do business with other EU countries. This article will look at the most important questions regarding VAT registration...

Tax Tips for the Self Employed

Saving taxes – a guide for the self-employed

How can I save on tax? This is an eternal question for the self-employed. In order to be well-versed in questions of tax, and improve your own financial situation, you need the necessary information: What taxes have you incurred? And what can be deducted from them?

EC Sales List

EC sales lists – what are they, and when should I submit one?

If your company sells goods or services to customers in other EU countries, it is essential that you provide HMRC with a recapitulative statement, also known as an EC sales list. This article will look at what an EC sales list is, why it is important to submit one, and finally who should do this, and how.

Types of taxes in the UK

Taxation and the different types of taxes in the UK

Keeping track of taxes in the UK isn’t exactly a piece of cake. There are so many types of taxes that it’s difficult to know which ones apply to you and/or your business. If you don’t file your taxes correctly with the HMRC, it could result in penalties, which could cost you dearly. This article gives you an introduction to the main types of taxes in England, Scotland, Wales, and Northern Ireland...

Creating Correction and Cancellation Invoices

Correcting or canceling an invoice

If you send many invoices per day, errors can often occur. This can then lead to issues with the tax office, and claiming back deductions owed to you. There are several options available to fix errors, however. In this article, we will show you how to create a correction and a cancellation invoice.