The future of finance is digital. Making Tax Digital (MTD) is one of HMRC’s key strategic priorities, with the aim of transforming and modernising how tax is reported and managed.
From April 2019, all businesses in the UK with a turnover above the VAT threshold (currently £85,000) will be required to keep digital records of their VAT in addition to filing electronic quarterly returns.
The speed at which Asia is creating wealth is increasing the demand for the creation of wealth management solutions and the digital revolution will change the way Asians manage their wealth, said Singapore bankers.
The IASB staff have published a document that provides an update on the most important tentative decisions reached on the Leases project during the first half of 2014. The document also explains the IASB’s reasons for reaching those decisions and the remaining work to be done in completing the project.
India and the 10-nation ASEAN are likely to sign the long-delayed free trade agreement in services and investments later this month when their economic and trade ministers meet in Myanmar.
Currently, UK VAT registered businesses making B2C sales to private individuals in another EU state will charge UK VAT at 20%. From 1 January 2015, however, all businesses will need to account for, and pay VAT to, the country where the customer is located, reports Real Business.