Indirect taxes can be some of the most perplexing to calculate correctly the first time and filed correctly — especially when paired with HMRC’s Making Tax Digital (MTD) mandates for digital record keeping and reporting. While intended to simplify VAT across the EU, the MTD initiative has contributed to an additional amount of confusion around […] … Read More

At its most basic level, a VAT —or value-added tax — is a type of consumption tax charged on items that people buy. Known also as an indirect tax because businesses collect it for the UK government. Businesses must register for VAT if their VAT-taxable turnover is more than £85,000. They can also choose to […] … Read More

The HMRC’s Making Tax Digital (MTD) mandate was designed to simplify and expedite tax reporting, with advantages, according to their gov.uk website that include:   Making it easier for individuals and businesses to get their taxes right Allowing businesses to integrate tax management with a range of business processes through software Contributing to wider productivity […] … Read More

The complexities of understanding and managing indirect taxes when doing business within the UK can be daunting. In addition to a plethora of ever-evolving domestic regulations and requirements complicated by Brexit, businesses in the UK must also consider challenges in complex areas such as customs and exports. Compliance becomes more challenging every year with tax […] … Read More

If you are a business-to-consumer (B2C) e-commerce organisation supplying goods that will be imported into the European Union (EU), then you should already be aware of the Import One-Stop Shop (IOSS) rules that came into effect on 1st July 2021, marking an overhaul of the indirect tax regime across the union. These new rules remove […] … Read More

How can manufacturers maximise VAT recovery with indirect tax automation software? Recovering as much value-added tax (VAT) as possible is a sound business practice for multinational manufacturing companies. VAT rates are typically much higher than the consumption tax rates in the US. For example, Hungary has a 27% VAT rate, the highest in Europe. VAT […] … Read More