Now that Making Tax Digital (MTD) for VAT is in effect, it’s easier to reflect on HMRC’s digitalisation initiative with clarity.
Where before certain parts of the legislation initially appeared unclear, today we’re able to identify the exact responsibilities of both clients and accountants. Whether that’s knowing how to move your accounts online or selecting bridging software to ensure compliance, all parties now have the resources to stay on the right side of the taxman come tax return deadlines.
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.
Agent Update 43 has been published on the HMRC website at www.hmrc.gov.uk/agents/update43.pdf.
Hong Kong Financial Secretary, John Tsang started his visit to Singapore on 31 July 2014 to strengthen economic and trade ties between the two cities.
The People's Bank of China has said that reforms to the nation's banks will be deepened in order to improve their services.
Some foreign firms in China can now use their registered capital to buy stakes in other Chinese companies as part of an experiment to further loosen capital controls, the State Administration of Foreign Exchange (SAFE) said today.